STATE
Clean Energy Deals in New Mexico
Every tracked clean energy deal in New Mexico since 2023 — 11 transactions, 11.7 GW of capacity, $24.00B of disclosed value. Includes M&A, project finance, PPAs, and tax credit transfers. Updated weekly.
11
Tracked Deals
11.7 GW
Total Capacity
$24.00B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| May 18, 2025 | TXNM Energy — regulated utility serving 800,000+ customer… Blackstone Infrastructure | 3.0 GW | $11.5B |
| Dec 27, 2023 | SunZia Wind (3,515 MW) + SunZia Transmission (550-mile HV… Pattern Energy Group → Multiple (consortium) | 3.5 GW | $11B |
| Feb 17, 2026 | Three-project portfolio: AC Ranch 1 (75 MW solar, NM), Ye… Lydian Energy → CIBC, MUFG | 395 MW | $689M |
| Jul 22, 2025 | Frye Solar (632 MW TX) + Jicarilla Solar (125 MW NM) + 20… Repsol → Stonepeak Infrastructure Partners | 777 MW | $340M (46.3% stake; portfolio EV $735M) |
| Jan 15, 2024 | Escalante Solar (200 MWac, NM) + Golden Triangle II (150 … Origis Energy → J.P. Morgan | 350 MW | $317M (tax equity) |
| Nov 3, 2025 | Quail Ranch — 128 MWac/166 MWdc solar + 416 MWh storage i… Enlight Renewable Energy (Clenera) → Wells Fargo Bank N.A. | 128 MW | $150M |
| Dec 8, 2025 | ~2.5 GW clean energy — 11 solar PPAs + 2 energy storage a… NextEra Energy Resources → Meta | 2.5 GW | — |
| Dec 1, 2024 | 760 MW clean energy contracts — Hardin II Solar (OH, 150 … Invenergy → Meta | 760 MW | — |
| Sep 2, 2025 | XGS New Mexico EGS Project — 150 MW enhanced geothermal (… XGS Energy (with Baker Hughes partnership) → Meta Platforms | 150 MW | — |
| Apr 14, 2026 | Xcel Energy Cunningham 1 Solar + Battery Storage — 72 MW … Xcel Energy (SPS) | 72 MW | — |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Meta | 2 | — |
| 2 | Multiple (consortium) | 1 | $11.00B |
| 3 | Blackstone Infrastructure | 1 | $11.50B |
| 4 | CIBC, MUFG | 1 | $689M |
| 5 | Stonepeak Infrastructure Partners | 1 | $340M |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Pattern Energy Group | 1 | $11.00B |
| 2 | Invenergy | 1 | — |
| 3 | NextEra Energy Resources | 1 | — |
| 4 | Lydian Energy | 1 | $689M |
| 5 | ForeFront Power | 1 | — |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | CIBC, MUFG | 1 | $689M |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Kirkland & Ellis | 1 |
| 2 | Troutman Pepper Locke | 1 |
| 3 | Vinson & Elkins | 1 |
| 4 | Latham & Watkins | 1 |
Technology Mix
Deal Type Mix
- Power Purchase & Offtake3
- Project Finance2
- Project & Portfolio M&A2
- Tax Equity & Tax Credits2
- Corporate M&A1
Activity by Year
Recent Deals
Latest 10- Apr 14, 2026
- New Mexico Community Solar Portfolio — 8 projects, 48.4 MW, statewide NMMar 16, 2026
Power Purchase & Offtake · NM · 48.4 MW
- Three-project portfolio: AC Ranch 1 (75 MW solar, NM), Yellow Viking (170 MW …Feb 17, 2026
Project Finance · NM, TX, UT · $689M · 395 MW
- ~2.5 GW clean energy — 11 solar PPAs + 2 energy storage agreements across ERC…Dec 8, 2025
Power Purchase & Offtake · NM, TX · 2,500 MW
- Quail Ranch — 128 MWac/166 MWdc solar + 416 MWh storage in Curry County, NMNov 3, 2025
Tax Equity & Tax Credits · NM · $150M · 128 MW
- XGS New Mexico EGS Project — 150 MW enhanced geothermal (two-phase development)Sep 2, 2025
Power Purchase & Offtake · NM · 150 MW
- Frye Solar (632 MW TX) + Jicarilla Solar (125 MW NM) + 20 MW co-located BESS …Jul 22, 2025
Project & Portfolio M&A · NM, TX · $340M (46.3% stake; portfolio EV $735M) · 777 MW
- TXNM Energy — regulated utility serving 800,000+ customers in Texas and New M…May 18, 2025
Corporate M&A · NM, TX · $11.5B · 3,000 MW
- 760 MW clean energy contracts — Hardin II Solar (OH, 150 MW), Delilah II Sola…Dec 1, 2024
Project & Portfolio M&A · AR, NM, OH, TX · 760 MW
- Escalante Solar (200 MWac, NM) + Golden Triangle II (150 MWac + 50 MW / 200 M…Jan 15, 2024
Tax Equity & Tax Credits · MS, NM · $317M (tax equity) · 350 MW
Recent Moves at Active Firms
All moves →Terrell Kirk Crews II departed NextEra EnergyMar 5, 2026
Jennifer Gasser joined as Partner, Energy and Infrastructure M&A at Paul WeissMar 3, 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
Melissa Raciti-Knapp joined as Partner, Finance at Vinson & ElkinsFeb 13, 2026
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