STATE
Clean Energy Deals in California
Every tracked clean energy deal in California since 2023 — 38 transactions, 14.0 GW of capacity, $28.66B of disclosed value. Includes M&A, project finance, PPAs, and tax credit transfers. Updated weekly.
38
Tracked Deals
14.0 GW
Total Capacity
$28.66B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Dec 17, 2024 | Project Polaris — conditional commitment for hydropower, … PG&E → DOE Loan Programs Office | — | $15B |
| Mar 18, 2025 | Middle River Power — 11 gas plants in California (9 peake… Avenue Capital Group → Partners Group | 1.9 GW | $2.2B |
| Sep 12, 2024 | Clean Energy Project Revenue Bond — $1.524B green bond pr… Clean Power Alliance → Goldman Sachs (underwriter) | 855 MW | $1.524B |
| Feb 1, 2024 | Harquahala Generating Station (1,092 MW, AZ) + La Paloma … Capital Power | 2.2 GW | $1.1B |
| Aug 24, 2023 | Broad Reach Power — 350 MW operating BESS + 880 MW under … EnCap Energy Transition + Apollo Funds (+ Yorktown, Mercuria) → ENGIE | 2.9 GW | $1B+ equity ($1.6B total impact to ENGIE net debt) |
| Mar 4, 2026 | Clean Power Alliance 6th energy prepayment bond — $963M g… Clean Power Alliance | — | $963M |
| Mar 11, 2026 | Nighthawk Energy Storage — 300 MW / 1,200 MWh BESS in Pow… Arevon Energy → CIBC, ING, NORD/LB, Santander, Zions Bancorporation, Goldman Sachs Alternatives | 300 MW | $920M |
| Mar 31, 2025 | Country Acres Solar + Storage — 403 MW solar + 688 MWh BE… Enlight Renewable Energy (Clenera) → BNP Paribas, Crédit Agricole, Natixis, Nord/LB | 403 MW | $773M |
| Jun 15, 2024 | Eland 2 Solar+Storage (374 MW solar + 150 MW BESS, Califo… Arevon Energy → CoBank | 524 MW | $679M |
| May 24, 2023 | Bloom Energy 3.00% green convertible senior notes due 2028 Bloom Energy → Public bond investors | — | $632.5M ($550M base + $82.5M overallotment) |
Most Active Firms
Top Buyers / Financiers
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Arevon Energy | 4 | $2.46B |
| 2 | Heirloom Carbon Technologies | 3 | $203M |
| 3 | Clean Power Alliance | 2 | $2.49B |
| 4 | Recurrent Energy (Canadian Solar) | 1 | — |
| 5 | Recurrent Energy | 1 | — |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | DOE LPO (EIR Program) | 1 | $15.00B |
| 2 | BNP Paribas, Crédit Agricole, Natixis, Nord/LB | 1 | $773M |
| 3 | KfW IPEX-Bank | 1 | — |
| 4 | Morgan Stanley | 1 | $963M |
| 5 | CIBC | 1 | $920M |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Norton Rose Fulbright; Allen Matkins | 1 |
| 2 | Davis Polk & Wardwell | 1 |
| 3 | Latham & Watkins | 1 |
| 4 | Freshfields Bruckhaus Deringer LLP | 1 |
| 5 | McDermott Will & Emery | 1 |
Technology Mix
Deal Type Mix
- Project Finance11
- Strategic & Growth Capital11
- Corporate M&A5
- Power Purchase & Offtake3
- Corporate Debt & Capital Markets3
Activity by Year
Recent Deals
Latest 10- Atlas North portfolio — four late-stage projects totaling ~1,000 MW solar + 4…Apr 21, 2026
Project & Portfolio M&A · CA · 1,450 MW
- Tandem PV Fremont Factory — 65,000 sq ft commercial demonstration facility pr…Apr 20, 2026
Strategic & Growth Capital · CA · 40 MW
- Apr 16, 2026
- Critical Loop $26M Series A — modular BESS + software microgrid platform, tot…Apr 13, 2026
Strategic & Growth Capital · CA · $26,000,000
- XGS Energy 115 MW next-generation geothermal — GEODE (Geothermal Exploration,…Apr 13, 2026
Power Purchase & Offtake · CA · 115 MW
- Zanskar / CC Power GEODE Agreement — California geothermal prospecting and of…Apr 13, 2026
Power Purchase & Offtake · CA
- Chalan Solar + Storage — 65 MWac solar + 25 MW / 100 MWh BESS, Kern County, C…Apr 8, 2026
Tax Equity & Tax Credits · CA · $118M · 90 MW
- EnerVenue $300M Series B — nickel-hydrogen long-duration energy storage manuf…Mar 31, 2026
Strategic & Growth Capital · CA · $300M
- Cormorant Energy Storage Project — 250 MW / 1,000 MWh LFP battery storage, Da…Mar 24, 2026
Project Finance · CA · $600M · 250 MW
- Nighthawk Energy Storage — 300 MW / 1,200 MWh BESS in Poway, CaliforniaMar 11, 2026
Project Finance · CA · $920M · 300 MW
Recent Moves at Active Firms
All moves →Kevin Smith joined as Chief Executive Officer at Cypress Creek RenewablesMar 5, 2026
Justin Johnson named interim Interim Chief Executive Officer at Arevon EnergyFeb 20, 2026
Kevin Smith departed Arevon EnergyFeb 20, 2026
Seth Richardson promoted to Partner, Project Development & Finance at Latham & WatkinsFeb 20, 2026
Thomas Verity joined as Partner, Energy M&A at Norton Rose FulbrightFeb 15, 2026
Related
Get the next one in your inbox
Free weekly briefing on US clean energy deals + executive moves. No spam.