NewQ1 2026 Clean Energy Deal Intelligence Report is live

Heather Zichal

Banker

Global Head of Sustainability at J.P. Morgan

24

Deals Attributed

$137.74B

Deal Value

135.0

GW Capacity

2

Positions Held

Career Timeline

Global Head of Sustainability

J.P. Morgan

Jan 2023Present

Chief Executive Officer

ACP

Jan 2020Jan 2023

Attributed Deals(24 deals)

Deals attributed based on Heather Zichal's role at the firm during the transaction.

2026(8 deals)
Apr 2026FinancierFervo Energy IPO (Nasdaq: FRVO) — enhanced geothermal systems pure-play; flagship 500 MW Cape Station EGS project in Beaver County, Utah; 3.65 GW disclosed pipeline (under construction / ready to build / advanced development)FinancingGeothermal500 MW
Mar 2026FinancierCape Station Enhanced Geothermal System (EGS) — Phase 1 ~100 MW, scaling to 500 MW by early 2027, Beaver County, UtahFinancingGeothermal$421M500 MW
Mar 2026FinancierWheatland Solar — 210 MWdc / 150 MWac utility-scale solar, Knox County, IndianaFinancingSolar150 MW
Mar 2026AdvisorAES Corporation — diversified global power company with ~35 GW of generation across US and international marketsM&AHybrid$33.40B35,000 MW
Jan 2026Lender/ArrangerThree projects totaling ~670 MW: Emerson Creek Wind (269 MW, OH), Coles Wind (300 MW, IL), Raven Storage (100 MW BESS, TX)FinancingHybrid$2.79B670 MW
Jan 2026AdvisorCalpine Corporation — 27 GW natural gas + geothermal fleet, creating 55 GW combined companyM&AGeothermal$26.60B27,000 MW
Jan 2026AdvisorCordelio Power — 1,550 MW operating and in-construction wind, solar, and storage portfolio + development pipelineM&AHybrid1,550 MW
Jan 2026FinancierSunrise Wind — 924 MW offshore wind, 84 turbines off New York + DKK 60B rights issueFinancingWind$6.30B924 MW
2025(8 deals)
Aug 2025AdvisorAES Corporation — global integrated utility (~36 GW, including significant US generation) with 11.8 GW of contracted capacity to hyperscalers (Microsoft, Google, Amazon)M&AHybrid$33.40B36,000 MW
Jul 2025Lender/Arranger$600M credit facility (expandable to $850M) — $350M revolving loan/LC + $250M project LC facility supporting 4.7 GW operating + 1.5 GW construction solar and storageFinancingHybrid$600M6,200 MW
May 2025Lender/ArrangerWheatland Solar (210 MW, Knox County, IN) + Optimist Solar+Storage (Clay County, MS)FinancingSolar + Storage$530M210 MW
May 2025AdvisorTXNM Energy — regulated utility serving 800,000+ customers in Texas and New Mexico (PNM and TNMP subsidiaries)M&AHybrid$11.50B3,000 MW
May 2025AdvisorLS Power generation portfolio — 13 GW natural gas across 18 facilities in 9 states, plus CPower 6 GW VPP platformM&AOther$12.00B13,000 MW
Apr 2025FinancierColes Wind — 300 MW wind farm, Coles County, Illinois (PJM/MISO)FinancingWind$680M300 MW
Jan 2025AdvisorOrigis Energy — $1B+ strategic investment in US solar and storage developer with 1 GW operating, 3 GW construction-ready, 25 GW pipelineM&AHybrid$1.00B4,000 MW
Jan 2025AdvisorAlgonquin renewables platform — ~1.4 GW operating + in-construction wind and solar (excluding hydro)M&AHybrid$2.10B1,400 MW
2024(7 deals)
Dec 2024FinancierProsperity Wind — 300 MW wind farm, Piatt County, Illinois (PJM)FinancingWind300 MW
Oct 2024FinancierBox Canyon Solar — 300 MW utility-scale solar, ArizonaFinancingSolar$260M300 MW
Sep 2024FinancierØrsted solar + storage portfolio (Texas and Arizona)FinancingSolar + Storage$680M
Feb 2024FinancierPortfolio of 6 recently commissioned renewable projects — 950 MW solar + 353 MW wind (1.3 GW total) across ERCOT, MISO, and SPPFinancingHybrid$1.00B1,303 MW
Feb 2024FinancierScatter Wash Energy Storage — 255 MW / 1,020 MWh standalone BESS, Maricopa County, ArizonaFinancingBattery Storage$559M255 MW
Jan 2024FinancierEscalante Solar (200 MWac, NM) + Golden Triangle II (150 MWac + 50 MW / 200 MWh BESS, MS)FinancingSolar + Storage$317M350 MW
Jan 2024FinancierOrion Solar Belt — 1.3 GW portfolio of 4 utility-scale solar projects (Orion I, Eiffel, Orion II, Orion III), Milam County, TX — 875 MWdc using 1.3M American-made First Solar modulesFinancingSolar$2.40B1,300 MW
2023(1 deal)
Oct 2023FinancierVineyard Wind 1 — 800 MW offshore wind, ~15 miles off Martha's Vineyard, MassachusettsFinancingOffshore Wind$1.20B800 MW
How deal attribution works: Deals are attributed to individuals based on their role at a firm during the transaction period. C-suite executives and senior partners/MDs are attributed deals where their firm was involved as a principal, counsel, advisor, or lender. This is an inference — not all attributed individuals necessarily worked directly on every deal.