STATE
Clean Energy Deals in Arizona
Every tracked clean energy deal in Arizona since 2023 — 21 transactions, 7.6 GW of capacity, $7.62B of disclosed value. Includes M&A, project finance, PPAs, and tax credit transfers. Updated weekly.
21
Tracked Deals
7.6 GW
Total Capacity
$7.62B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Mar 16, 2026 | Maricopa Energy Center — 550 MW solar + 2,200 MWh BESS in… Copia Power → BNP Paribas, CIBC, Credit Agricole CIB, KeyBanc Capital Markets, Natixis CIB, Wells Fargo, CoBank | 550 MW | $1.71B |
| Nov 10, 2025 | Snowflake A — 600 MW solar + 1,900 MWh BESS, Navajo Count… Enlight Renewable Energy (ClÄ“nera) → Wells Fargo, BNP Paribas, Natixis, Nord/LB, Crédit Agricole, MUFG | 600 MW | $1.44B |
| Feb 1, 2024 | Harquahala Generating Station (1,092 MW, AZ) + La Paloma … Capital Power | 2.2 GW | $1.1B |
| Aug 27, 2025 | Desert Bloom 600 MWh BESS + Papago Solar 150 MWac — Pinal… Recurrent Energy (Canadian Solar) → NORD/LB, MUFG, CoBank, Siemens Financial Services (construction); Wells Fargo (tax equity) | 150 MW | $825M |
| Feb 8, 2024 | Scatter Wash Energy Storage — 255 MW / 1,020 MWh standalo… Strata Clean Energy (Blackstone portfolio company) → J.P. Morgan, Nomura (CLAs); U.S. Bancorp Impact Finance, CoBank | 255 MW | $559M (debt + tax equity) |
| Feb 15, 2026 | Atlas VIII BESS (382.4 MW / 1,529.6 MWh) — Arizona TransGrid Energy → Multiple | 382 MW | $515M |
| Jun 14, 2024 | Papago Storage — 1,200 MWh battery energy storage project… Recurrent Energy → MUFG, Nord/LB | 300 MW | $513M |
| Dec 1, 2024 | Pediment BESS — 250 MW / 1,000 MWh standalone battery ene… Aypa Power (Blackstone) → Société Générale, ING Capital LLC, Bank of America, Zions Bancorporation, Royal Bank of Canada, Desjardins Group | 250 MW | $398M |
| Mar 4, 2026 | Kitt Solar and Energy Storage — 130 MWdc / 100 MWac solar… Avantus (backed by KKR and EIG) → BBVA / CIBC New York Branch | 100 MW | >$300M |
| Oct 10, 2024 | Box Canyon Solar — 300 MW utility-scale solar, Arizona BrightNight / Cordelio Power → J.P. Morgan, Capital One | 300 MW | $260M |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Arizona Public Service (APS) | 2 | $300M |
| 2 | Arizona Public Service | 2 | $2.22B |
| 3 | Salt River Project (SRP) | 2 | — |
| 4 | CIBC (lead), Societe Generale | 1 | — |
| 5 | MUFG, Nord/LB | 1 | $513M |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Longroad Energy | 3 | — |
| 2 | American Battery Factory (ABF) | 2 | — |
| 3 | Recurrent Energy | 1 | $513M |
| 4 | BrightNight / Cordelio Power | 1 | $260M |
| 5 | Aypa Power (Blackstone) | 1 | $398M |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | MUFG, Nord/LB | 1 | $513M |
| 2 | Bank of America, CoBank, DNB, Rabobank, Siemens, Zions | 1 | $513M |
| 3 | Zions Bancorporation | 1 | $398M |
| 4 | Wells Fargo, BNP Paribas, Natixis, Nord/LB, Crédit Agricole, MUFG | 1 | $1.44B |
| 5 | U.S. Bank | 1 | — |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Milbank LLP; Ballard Spahr LLP | 1 |
| 2 | Akin Gump LLP; Quarles & Brady LLP | 1 |
Technology Mix
Deal Type Mix
- Project Finance10
- Tax Equity & Tax Credits3
- Power Purchase & Offtake3
- Project & Portfolio M&A2
- Strategic & Growth Capital2
Activity by Year
Recent Deals
Latest 10- Lion Energy equity stake + LFP cell supply agreement in American Battery Fact…Apr 8, 2026
Strategic & Growth Capital · AZ
- American Battery Factory LFP Gigafactory — 5.5 GWh initial capacity (scaling …Mar 25, 2026
Power Purchase & Offtake · AZ
- SunDog Energy Center — 200 MW solar + 200 MW / 800 MWh battery storage, Pinal…Mar 17, 2026
Power Purchase & Offtake · AZ · 200 MW
- Maricopa Energy Center — 550 MW solar + 2,200 MWh BESS in Arizona (largest re…Mar 16, 2026
Project Finance · AZ · $1.71B · 550 MW
- Sun Pond Solar + BESS — 111 MWdc / 85 MWac solar + 340 MWh battery storage, M…Mar 11, 2026
Tax Equity & Tax Credits · AZ · 111 MW
- Kitt Solar and Energy Storage — 130 MWdc / 100 MWac solar + 400 MWh BESS, Cit…Mar 4, 2026
Project Finance · AZ · >$300M · 100 MW
- Project New Horizon (Copper Crossing Phase 2) — 5 MW / 50 MWh iron flow batte…Mar 3, 2026
Power Purchase & Offtake · AZ · 5 MW
- Atlas VIII BESS (382.4 MW / 1,529.6 MWh) — ArizonaFeb 15, 2026
Tax Equity & Tax Credits · AZ · $515M · 382 MW
- Snowflake A — 600 MW solar + 1,900 MWh BESS, Navajo County, AZNov 10, 2025
Project Finance · AZ · $1.44B · 600 MW
- Pioneer Clean Energy Center — 300 MWac solar + 300 MW / 1,200 MWh BESS, Yuma,…Nov 4, 2025
Project Finance · AZ · 300 MW
Recent Moves at Active Firms
All moves →Neal Kemkar joined as Chief Network Officer at CeresFeb 9, 2026
Timothy Fitzpatrick promoted to Partner, Global Project, Energy and Infrastructure Finance at MilbankJan 1, 2026
Séverine Losembe promoted to Partner, Global Project, Energy and Infrastructure Finance at MilbankJan 1, 2026
Related
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