Q1 2026 Clean Energy
Deal Intelligence Report
January 2 – March 31, 2026
Executive Summary
Five things every clean energy professional needs to know about Q1 2026
Scale of capital deployment is unprecedented. 111 deals totaling $674.92B in disclosed value were tracked in Q1 2026, spanning 191.3 GW of clean energy capacity across M&A, project finance, PPAs, and tax credit transfers.
Infrastructure funds are reshaping ownership. 32 M&A transactions worth $89.87B were announced, led by two take-private mega-deals that signal a structural shift toward private infrastructure ownership of clean energy platforms.
Big Tech is the market's largest buyer. Corporate offtakers — led by Google, Microsoft, and Meta — committed 65,689 MW through PPAs and direct acquisitions, driven by data center power demand.
Project finance remained robust. 64 financing transactions closed across solar, wind, hybrid, and storage, with the DOE emerging as a major lender through its Title 17 program.
The talent market is active. 36 executive moves were tracked in Q1, with 13 external hires, 8 promotions, and 3 departures across 36 firms.
Market Overview
Q1 2026 deal activity by week, type, and technology
Deal Volume by Week
Deals by Type
Technology Mix
Corporate Clean Energy Procurement
Q1 2026 commitments by major corporate offtakers
M&A Market
32 transactions · $89.87B disclosed value · 115,879 MW
Largest Deals by Disclosed Value
Top 10 Deals
| # | Deal | Type | Value | MW |
|---|---|---|---|---|
| 1 | SoftBank Group; SB Energy; AEP Ohio PORTS Technology Campus — 10 GW AI data center + up to 10 GW power generation at former Portsmouth Gaseous Diffusion Plant, Piketon, Pike County, Ohio | Financing | $500B+ (over 50 years; Phase 1 ~$33B) | 10,000 |
| 2 | Global Infrastructure Partners (BlackRock) / EQT Infrastructure VI / CalPERS / Qatar Investment Authority AES Corporation — diversified global power company with ~35 GW of generation across US and international markets | M&A | $33.4B enterprise value ($10.7B equity at $15/share) | 35,000 |
| 3 | Constellation Energy Calpine Corporation — 27 GW natural gas + geothermal fleet, creating 55 GW combined company | M&A | $26.6B (stock + cash) | 27,000 |
| 4 | Southern Company (Georgia Power + Alabama Power) 16+ GW generation portfolio — gas, nuclear uprates, BESS, hydro, 1,300+ mi transmission | Financing | $26.5B | 16,000 |
| 5 | Georgia Power / Alabama Power (Southern Company subsidiaries) Southern Company grid reliability program — 16 GW firm power including 5 GW new gas, 6 GW nuclear uprates/renewals, hydropower, BESS, 1300+ miles transmission in Georgia and Alabama | Financing | $26.5B | 16,000 |
| 6 | GIP (BlackRock) + EQT + CalPERS + QIA AES Corporation — diversified global power company with renewable energy portfolio | M&A | $10.7B equity ($33.4B EV) | 12,700 |
| 7 | Ørsted Sunrise Wind — 924 MW offshore wind, 84 turbines off New York + DKK 60B rights issue | Financing | ~$6.3B (DKK 40B project cost) | 924 |
| 8 | LS Power Constellation PJM natural gas generation portfolio — 4.4 GW across Delaware and Pennsylvania (Bethlehem, York 1 & 2, Hay Road, Edge Moor) | M&A | $5B | 4,400 |
| 9 | Alphabet (Google) Intersect Power platform — digital power / data center + clean energy infrastructure (10.8 GW portfolio at close) | M&A | $4.75B cash + assumed debt; total enterprise value $12B | 10,800 |
| 10 | Tesla LFP Prismatic Battery Cell Manufacturing — Lansing, Michigan (former Ultium Cells 3, 50 GWh capacity) — supplying Tesla Megapack 3 at Houston Megafactory | Financing | $4.3B | 0 |
Most Active Buyers (M&A)
| # | Name | Deals | MW |
|---|---|---|---|
| 1 | Ares Management | 3 | 4,430 |
| 2 | Vistra Corp | 3 | 12,100 |
| 3 | BlackRock | 2 | 30,000 |
| 4 | Partners Group | 2 | 2,400 |
| 5 | Brookfield Renewable | 2 | 810 |
| 6 | NRG Energy | 2 | 13,738 |
| 7 | GridStor | 2 | 250 |
| 8 | Alphabet (Google) | 2 | 21,600 |
| 9 | LS Power | 2 | 7,400 |
| 10 | Ormat Technologies | 1 | 150 |
Project Finance
64 transactions · 66,520 MW
Most Active Lenders & Arrangers
| # | Name | Deals | Value | MW |
|---|---|---|---|---|
| 1 | US Department of Energy | 25 | $127.61B | 52,465 |
| 2 | MUFG | 20 | $17.37B | 9,603 |
| 3 | ING | 18 | $14.36B | 6,938 |
| 4 | CIBC | 14 | $15.96B | 14,060 |
| 5 | Bank of America | 13 | $9.29B | 12,346 |
| 6 | Natixis | 12 | $10.68B | 10,554 |
| 7 | Société Générale | 11 | $7.89B | 8,447 |
| 8 | J.P. Morgan | 9 | $15.06B | 13,130 |
| 9 | BNP Paribas | 9 | $14.84B | 11,953 |
| 10 | Wells Fargo | 9 | $10.16B | 16,280 |
Most Active Developers (Financing & PPA)
| # | Name | Deals | MW |
|---|---|---|---|
| 1 | Invenergy | 8 | 5,458 |
| 2 | Arevon Energy | 5 | 7,398 |
| 3 | EDP Renewables North America | 4 | 537 |
| 4 | ENGIE North America | 4 | 2,253 |
| 5 | Recurrent Energy | 4 | 463 |
| 6 | Longroad Energy | 3 | 331 |
| 7 | Clearway Energy Group | 3 | 1,630 |
| 8 | Constellation Energy | 3 | 2,821 |
| 9 | Treaty Oak Clean Energy | 3 | 770 |
| 10 | Recurrent Energy (Canadian Solar) | 2 | 227 |
PPA Market
13 deals · 8,751.4 MW
Geographic Distribution
Where clean energy capital is flowing
Deals by State
Deals by ISO/RTO
| ISO / RTO | Deals | Total MW |
|---|---|---|
| ERCOT | 21 | 12,736 |
| Multiple | 20 | 89,403 |
| PJM | 15 | 25,262 |
| MISO | 14 | 11,258 |
| WECC | 8 | 4,485 |
| NYISO | 4 | 1,614 |
| ISO-NE | 4 | 3,405 |
| CAISO | 4 | 5,950 |
| Western | 4 | 517 |
| SPP | 3 | 3,661 |
Q1 2026 League Tables
Rankings by deal count across all tracked transactions
Most Active Law Firms
| # | Name | Deals | Value | MW |
|---|---|---|---|---|
| 1 | Latham & Watkins | 9 | $32.42B | 47,138 |
| 2 | Kirkland & Ellis | 7 | $40.05B | 49,032 |
| 3 | Orrick | 5 | $21.90B | 34,567 |
| 4 | Baker Botts | 3 | $3.84B | — |
| 5 | Milbank | 3 | $3.18B | 1,106 |
| 6 | Vinson & Elkins | 3 | $1.66B | 5,171 |
| 7 | White & Case | 2 | $26.60B | 27,510 |
| 8 | Skadden | 2 | $10.70B | 14,250 |
| 9 | Cleary Gottlieb Steen & Hamilton | 2 | $9.50B | 21,600 |
| 10 | Stoel Rives | 2 | $1.57B | 1,941 |
Most Active M&A Advisors
| # | Name | Deals | Value | MW |
|---|---|---|---|---|
| 1 | J.P. Morgan | 4 | $39.60B | 45,550 |
| 2 | Morgan Stanley | 3 | $39.40B | 42,200 |
| 3 | Evercore | 3 | $38.60B | 41,550 |
| 4 | Goldman Sachs | 2 | $38.60B | 40,000 |
| 5 | Barclays | 1 | $26.60B | 27,000 |
| 6 | Lazard | 1 | $26.60B | 27,000 |
| 7 | Solomon Partners | 1 | $12.00B | 13,000 |
| 8 | Citi | 1 | $12.00B | 13,000 |
| 9 | Scotiabank | 1 | $12.00B | 13,000 |
| 10 | PJT Partners | 1 | $1.00B | 4,000 |
The Circuit
Executive moves tracked in Q1 2026
Most Active Firms (Hires & Departures)
Top Firms by Total Activity
| # | Firm | Moves |
|---|---|---|
| 1 | American Clean Power Association | 4 |
| 2 | Latham & Watkins | 3 |
| 3 | Paul Weiss | 3 |
| 4 | Kirkland & Ellis | 3 |
| 5 | Arevon Energy | 3 |
Methodology
This report covers clean energy transactions announced or closed between January 2 and March 31, 2026, as tracked by DealFlow.energy.
Data sources: SEC filings (8-K, 10-K, S-1), press releases, trade publications (Utility Dive, PV Magazine, Renewable Energy World), law firm announcements, and direct submissions.
Coverage scope: US-based clean energy transactions including M&A, project finance, corporate PPAs, and IRA tax credit transfers. Minimum deal size thresholds vary by type.
League table methodology: Rankings are based on deal count. Firms are credited for each transaction where they served in an advisory or principal role. Multiple credits are awarded when a firm serves in multiple capacities on a single deal.
Executive moves: Tracked from public announcements, SEC filings, and trade publications. Limited to US-based roles at VP level and above within the clean energy ecosystem.
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