STATE
Clean Energy Deals in Indiana
Every tracked clean energy deal in Indiana since 2023 — 13 transactions, 8.0 GW of capacity, $18.88B of disclosed value. Includes M&A, project finance, PPAs, and tax credit transfers. Updated weekly.
13
Tracked Deals
8.0 GW
Total Capacity
$18.88B
Disclosed Value
2024–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Dec 17, 2024 | StarPlus Energy lithium-ion battery cell factories — ~67 … StarPlus Energy LLC (Stellantis + Samsung SDI JV) → U.S. Department of Energy (ATVM Program) | — | $7.54B ($6.85B principal + $688M capitalized interest) |
| Oct 18, 2024 | Grain Belt Express — 2,500 MW HVDC transmission line conn… Grain Belt Express → US Department of Energy | 2.5 GW | $4.9B |
| Jun 1, 2024 | Mammoth Solar — 1,300 MW utility-scale solar project in S… Doral Renewables | 1.3 GW | $1.5B |
| May 15, 2025 | Mammoth Solar (Mammoth South + Mammoth Central I + Mammot… Doral Renewables → KeyBanc Capital Markets, Santander, HSBC (debt); Truist (tax equity) | 900 MW | $1.5B |
| Jan 27, 2025 | 590 MW solar portfolio: Cadence Solar (240 MW, OH), Trade… Invenergy → Natixis CIB, CIBC, Nomura, Rabobank, Wells Fargo | 590 MW | $1.1B |
| Mar 16, 2026 | Samsung SDI prismatic ESS battery supply — multi-GWh deal… Samsung SDI → Undisclosed US energy firm | — | $1B |
| May 22, 2025 | Wheatland Solar (210 MW, Knox County, IN) + Optimist Sola… Origis Energy → MUFG (lead); J.P. Morgan (tax equity, Dec 2025) | 210 MW | >$530M (May 2025) + JPM tax equity (Dec 2025) |
| Jun 1, 2024 | 368 MW solar portfolio: 188 MW Honeysuckle Solar (St. Jos… Lightsource bp → Bank of America, ING, Lloyds, NatWest, SocGen | 368 MW | $460M |
| Apr 8, 2024 | Posey Solar Project — 228 MWdc utility-scale solar, Posey… Arevon Energy → Multiple | 228 MW | $352M ($317M construction + $35M LC) |
| Jul 18, 2025 | BP US onshore wind portfolio — 1,700 MW gross / 1,300 MW … BP (BP Wind Energy North America) → LS Power (Clearlight Energy) | 1.7 GW | — |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Bank of America, ING, Lloyds, NatWest, SocGen | 1 | $460M |
| 2 | AEP Energy Partners, McDonald's | 1 | $460M |
| 3 | 1 | — | |
| 4 | US Department of Energy | 1 | $4.90B |
| 5 | Natixis CIB, CIBC, Nomura, Rabobank, Wells Fargo | 1 | $1.10B |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Doral Renewables | 2 | $3.00B |
| 2 | Origis Energy | 2 | $530M |
| 3 | Lightsource bp | 1 | $460M |
| 4 | EDP Renewables North America | 1 | — |
| 5 | Grain Belt Express | 1 | $4.90B |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | KeyBanc Capital Markets, Santander, HSBC | 1 | $1.50B |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | McDermott Will & Emery | 1 |
| 2 | Norton Rose Fulbright | 1 |
| 3 | Milbank | 1 |
Technology Mix
Deal Type Mix
- Project Finance9
- Project & Portfolio M&A2
- Power Purchase & Offtake1
- Corporate M&A1
Activity by Year
Recent Deals
Latest 10- One Carbon Partnership (OCP) CCS — first Indiana EPA Class VI CCS permit, Car…Apr 9, 2026
Project & Portfolio M&A · IN · 0,000,000+
- Wheatland Solar — 210 MWdc / 150 MWac utility-scale solar, Knox County, IndianaMar 17, 2026
Project Finance · IN · 150 MW
- Samsung SDI prismatic ESS battery supply — multi-GWh deal from StarPlus Energ…Mar 16, 2026
Corporate M&A · IN · $1B
- BP US onshore wind portfolio — 1,700 MW gross / 1,300 MW net across 10 wind p…Jul 18, 2025
Project & Portfolio M&A · CO, HI, ID, IN, KS, PA, SD · 1,700 MW
- Wheatland Solar (210 MW, Knox County, IN) + Optimist Solar+Storage (Clay Coun…May 22, 2025
Project Finance · IN, MS · >$530M (May 2025) + JPM tax equity (Dec 2025) · 210 MW
- Mammoth Solar (Mammoth South + Mammoth Central I + Mammoth Central II) — 900 …May 15, 2025
Project Finance · IN · $1.5B · 900 MW
- 590 MW solar portfolio: Cadence Solar (240 MW, OH), Trade Post Solar (200 MW,…Jan 27, 2025
Project Finance · IN, OH, TN · $1.1B · 590 MW
- StarPlus Energy lithium-ion battery cell factories — ~67 GWh/yr battery cell …Dec 17, 2024
Project Finance · IN · $7.54B ($6.85B principal + $688M capitalized interest)
- Grain Belt Express — 2,500 MW HVDC transmission line connecting Midwest gridsOct 18, 2024
Project Finance · IL, IN, KS, MO · $4.9B · 2,500 MW
- Duff Solar Park — 100 MWac (138 MWdc) solar, Dubois County, IndianaJul 15, 2024
Power Purchase & Offtake · IN · 100 MW
Recent Moves at Active Firms
All moves →Thomas Verity joined as Partner, Energy M&A at Norton Rose FulbrightFeb 15, 2026
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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