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DealFlow.energy
The market, summarized. Every Monday.
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9
Deals
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2,735
MW
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16
Moves
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✍️Editor's Note
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Next-generation geothermal had its breakout week — a landmar |
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Editor's Note
Editor's note — three to watch from last week.
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1
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Next-generation geothermal had its breakout week — a landmark IPO and a hyperscaler offtake within days. Fervo Energy priced the first next-gen geothermal IPO, a $1.89B raise (70M Class A shares at $27, upsized from 55.6M; Nasdaq: FRVO) led by J.P. Morgan, BofA Securities, RBC and Barclays, to fund its Cape Station enhanced-geothermal project in Utah. Days earlier, Amazon contracted 100 MW of Zanskar geothermal inside a 700 MW Nevada data-center portfolio with NV Energy — its first geothermal offtake. An asset class that was pre-commercial a year ago now has both a listed pure-play and a hyperscaler buyer.
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2
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SEIA named former Minnesota governor Tim Pawlenty its president and CEO. Pawlenty — most recently CEO of the Financial Services Roundtable — succeeds Abigail Ross Hopper after her nine-year tenure, taking the solar trade association into the §45Y/48E tax-credit phase-down and the IRA-rollback fight. Putting a two-term governor with Washington financial-sector standing at the top signals SEIA is prioritizing political reach as policy, not project economics, becomes the swing variable for solar deal flow.
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3
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Sunraycer Renewables closed a $901M financing for a three-project Texas solar-plus-storage portfolio. MUFG led the bank group — Ally Bank, Nomura, Nord/LB and Société Générale — backing 479.5 MWac of solar and 236.5 MWac of two-hour batteries across Delta and Franklin counties in ERCOT, with Google as offtaker. A five-bank syndicate financing a contracted ERCOT solar-plus-storage build signals lender appetite held firm into the §45Y/48E construction-start crunch.
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📊Deals This Week
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9 deals · $4.9B · 2.7 GW |
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May 11 - 17
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Deal
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Size
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Tech
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Mana Solar & Storage — 35 MW solar + 4-hour battery storage, Mana Plain, Kaua...
AES → Kauai Island Utility Cooperative (KIUC)
Power Purchase Agreement
HI · Undisclosed (25-year PPA)
The Hawaii PUC approved KIUC's 25-year PPA for the AES Mana Solar & Storage project on the Mana Plain, Kauai (35 MW s...
The Garden Island ↗
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35 MW
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Solar + Storage
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Sunraycer Renewables 3-project solar+storage portfolio — Eagle Springs (77 MW...
Sunraycer Renewables → MUFG Bank, Ltd. (lead); Ally Bank; Nomura Securities International, Inc.; Norddeutsche Landesbank Girozentrale (Nord/LB); Société Générale
Project Finance
TX · $901M
Sunraycer Renewables closed a $901M project financing facility — construction-to-term loan, tax credit bridge loan an...
PR Newswire ↗
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480 MW
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Solar + Storage
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La Salle Solar — 670 MWdc (512.6 MWac) utility-scale solar PV, La Salle Count...
OCI Energy → Arava Power
Project & Portfolio M&A
TX
Israeli developer Arava Power agreed to acquire 50% of the 670 MWdc La Salle Solar project from Texas-based OCI Energ...
PR Newswire ↗
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670 MW
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Solar
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Fervo Energy IPO — 70,000,000 Class A shares at $27.00 (upsized from 55.6M); ...
Fervo Energy → J.P. Morgan, BofA Securities, RBC Capital Markets, Barclays (joint lead bookrunners)
Corporate Debt & Capital Markets
TX · $1.89B
Fervo Energy priced an upsized $1.89B IPO (70M Class A shares at $27.00) and began trading on Nasdaq as FRVO on May 1...
Fervo Energy ↗
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0 MW
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Geothermal
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Frontier Power USA — new long-duration energy storage (LDES) development/inve...
Frontier Power USA → Cerberus Capital Management ($100M anchor equity); Eos Energy Enterprises (~$150M rights offering); Ariel Green (up to $1.5B technology performance insurance)
Strategic & Growth Capital
NJ · $100M Cerberus anchor + ~$150M Eos equity
Eos Energy Enterprises and Cerberus Capital Management launched Frontier Power USA, an independent LDES development/i...
GlobeNewswire ↗
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0 MW
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Battery Storage
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850 MW of new solar + battery storage PPAs — 500 MW (Oklahoma), 200 MW (Texas...
DESRI (D.E. Shaw Renewable Investments) → Meta
Power Purchase Agreement
Multi-state
DESRI and Meta announced 850 MW of new solar and storage PPAs across Oklahoma, Texas and Mississippi, lifting the par...
PR Newswire ↗
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850 MW
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Solar + Storage
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700 MW carbon-free portfolio to power Amazon Reno-area data centers — 100 MW ...
Zanskar (geothermal); Primergy Solar (solar + BESS) → Amazon (via NV Energy utility PPA program)
Utility Green Tariff
NV
Amazon's first US geothermal offtake — sourced through NV Energy under a 20-year PPA — bundles 100 MW Zanskar geother...
Renewable Energy World ↗
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700 MW
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Mixed
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Alsym–Juniper strategic partnership to deploy 500 MWh of sodium-ion BESS in t...
Juniper Energy (US BESS developer, Mojave Desert focus) → Alsym Energy (sodium-ion / Na-Series BESS supplier)
Strategic Partnership
CA
Alsym Energy and Juniper Energy unveiled a strategic partnership to deploy 500 MWh of Alsym's sodium-ion BESS in Cali...
Energy-Storage.news ↗
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0 MW
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BESS
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Ford Energy stationary-storage subsidiary launch — 20 GWh/yr LFP cell + BESS ...
Ford Energy (new Ford Motor Co. subsidiary) → Ford Motor Company (~$2B internal capital)
Manufacturing Investment
KY · $2B (capex over 2 years)
Ford Motor Company formally launched Ford Energy, a US stationary-storage subsidiary, anchored on a 20 GWh/yr LFP cel...
Energy-Storage.news ↗
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0 MW
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BESS
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View Full Database →
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👥Change of Control
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16 executive moves |
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Top 5 of 16 this week.
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Tim Pawlenty is the new President and Chief Executive Officer at Solar Energy Industries Association (SEIA) (from President and Chief Executive Officer, Financial Services Roundtable).
SEIA tapped former two-term Minnesota Governor Tim Pawlenty — most recently CEO of the Financial Services Roundtable — as its permanent president and CEO, succeeding Abigail Ross Hopper after a nine-year run. The pick of a Republican former governor signals a deliberate bet on bipartisan reach and Washington dealmaking as the solar industry navigates IRA-rollback pressure.
Trade assoc. ↗
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Michael A. Brown is the new Senior Vice President, General Counsel and Corporate Secretary at Clearway Energy, Inc. (from Vice President, Assistant General Counsel and Corporate Secretary, The New York Times Company).
Clearway Energy — one of the largest US clean-energy generation owners, with assets across 27 states — brought back a former in-house lawyer to take its top legal seat, succeeding retiring GC Kevin Malcarney. Brown returns from The New York Times Company, where he was assistant GC, after an earlier 2014-2021 stint at Clearway and NRG Yield.
SEC filing ↗
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Jing Nealis is the new Chief Financial Officer at NeoVolta Inc. (from Chief Financial Officer, SES AI Corporation).
NeoVolta, a San Diego-based battery-storage maker, hired Jing Nealis as CFO from EV-battery firm SES AI as it stands up domestic BESS manufacturing in Georgia (2 GWh initial capacity, targeting 8 GWh). She brings 20-plus years of energy-transition and manufacturing finance experience to the residential-to-utility/C&I expansion.
SEC filing ↗
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Ravi Abbineni is the new Chief Financial Officer at ION Storage Systems (from Senior Vice President and CFO, JM Family Enterprises).
Maryland-based solid-state battery developer ION Storage Systems hired a finance chief from large privately-held JM Family Enterprises, signaling a push toward commercial scale-up of its solid-state cell technology.
Press release ↗
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Steve Bond has been named Executive Vice President and President at NeoVolta Power LLC (from Chief Financial Officer, NeoVolta Inc.).
In the same announcement that named Jing Nealis CFO, NeoVolta's outgoing finance chief Steve Bond shifted to EVP and President of operating subsidiary NeoVolta Power LLC, taking direct charge of the company's Georgia battery-manufacturing buildout — a CFO-to-operations move that freed the finance seat.
SEC filing ↗
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+ 11 more moves this week →
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Know someone who changed seats? Send us a tip — we cover C-suite, MD, and partner-level moves across clean energy development, project finance, and law.
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