STATE
Clean Energy Deals in Minnesota
Every tracked clean energy deal in Minnesota since 2023 — 6 transactions, 5.4 GW of capacity, $7.55B of disclosed value. Includes M&A, project finance, PPAs, and tax credit transfers. Updated weekly.
6
Tracked Deals
5.4 GW
Total Capacity
$7.55B
Disclosed Value
2024–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| May 6, 2024 | ALLETE Inc. — regulated utility with renewable, hydro, an… CPP Investments, Global Infrastructure Partners | 3.0 GW | $6.2B |
| Apr 24, 2024 | Wind repowers — Community Wind South (30 MW, MN), Elk (42… Greenbacker Renewable Energy Company → BayernLB, Huntington National Bank | 110 MW | $437M |
| Apr 2, 2026 | Xcel Energy Capacity*Connect — 50–200 MW distributed BESS… Xcel Energy / Sparkfund | 200 MW | $430,000,000 |
| Apr 8, 2026 | Xcel Energy CapacityConnect Phase 2 — 50–200 MW utility-o… Xcel Energy | 200 MW | $430M |
| Sep 25, 2024 | $50M of Section 45X AMPCs from US-manufactured solar PV m… Heliene → Undisclosed | — | $50M |
| Feb 24, 2026 | 1.9 GW clean energy package for Pine Island data center —… Xcel Energy → Google | 1.9 GW | — |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | BayernLB, Huntington National Bank | 1 | $437M |
| 2 | CPP Investments, Global Infrastructure Partners | 1 | $6.20B |
| 3 | Undisclosed | 1 | $50M |
| 4 | 1 | — |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Xcel Energy | 2 | $430M |
| 2 | Greenbacker Renewable Energy Company | 1 | $437M |
| 3 | Heliene | 1 | $50M |
| 4 | Xcel Energy / Sparkfund | 1 | $430M |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | BayernLB | 1 | $437M |
Technology Mix
Deal Type Mix
- Corporate M&A2
- Project Finance1
- Tax Equity & Tax Credits1
- Power Purchase & Offtake1
- Regulatory & Permits1
Activity by Year
Recent Deals
Latest 6- Xcel Energy CapacityConnect Phase 2 — 50–200 MW utility-owned battery storage…Apr 8, 2026
Regulatory & Permits · MN · $430M · 200 MW
- Xcel Energy Capacity*Connect — 50–200 MW distributed BESS program, Minnesota …Apr 2, 2026
Power Purchase & Offtake · MN · $430,000,000 · 200 MW
- 1.9 GW clean energy package for Pine Island data center — 1,400 MW wind + 200…Feb 24, 2026
Corporate M&A · MN · 1,900 MW
- $50M of Section 45X AMPCs from US-manufactured solar PV modules (Mountain Iro…Sep 25, 2024
Tax Equity & Tax Credits · MN · $50M
- ALLETE Inc. — regulated utility with renewable, hydro, and transmission asset…May 6, 2024
Corporate M&A · MN, WI · $6.2B · 3,000 MW
- Wind repowers — Community Wind South (30 MW, MN), Elk (42.5 MW, IA), Hawkeye …Apr 24, 2024
Project Finance · IA, MN · $437M · 110 MW
Related
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