STATE
Clean Energy Deals in Texas
Every tracked clean energy deal in Texas since 2023 — 103 transactions, 60.5 GW of capacity, $67.68B of disclosed value. Includes M&A, project finance, PPAs, and tax credit transfers. Updated weekly.
103
Tracked Deals
60.5 GW
Total Capacity
$67.68B
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 |
| Sep 23, 2025 | Sempra Infrastructure Partners — 45% stake in North Ameri… Sempra → KKR, CPP Investments | 1.6 GW | $10B |
| Dec 11, 2024 | Climate & Communities Investment Coalition (CCIC) — 5+ GW… Acadia Infrastructure Capital (anchored by Microsoft) → Microsoft (anchor LP) | 5.0 GW | $9B (5-year pipeline target) |
| Nov 2, 2023 | Denbury Inc. — 1,300-mile CO2 pipeline network (largest i… Denbury Inc. shareholders → ExxonMobil | — | $4.9B all-stock ($89.45/share) |
| Jan 12, 2026 | Three projects totaling ~670 MW: Emerson Creek Wind (269 … Apex Clean Energy → Multiple (see notes) | 670 MW | $2.79B |
| Jan 1, 2024 | Orion Solar Belt — 1.3 GW portfolio of 4 utility-scale so… SB Energy Global (SoftBank / Ares Management) → J.P. Morgan, Bank of America, Morgan Stanley Renewables, Truist Bank, MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, Société Générale | 1.3 GW | $2.4B+ |
| Jan 5, 2024 | STX Midstream — South Texas natural gas pipeline assets (… NextEra Energy Partners → Kinder Morgan | — | $1.815B |
| Nov 1, 2023 | 44% ownership stake in South Texas Project (STP) — 2,645 … NRG Energy → Constellation Energy | 1.1 GW | $1.75B ($1.4B effective after tax benefits) |
| Jan 16, 2025 | Up to 6 green hydrogen production and liquefaction facili… Plug Power → U.S. Department of Energy (DOE Loan Programs Office) | — | $1.66B |
| May 14, 2024 | Up to 6 green hydrogen production and liquefaction facili… Plug Power → U.S. Department of Energy (Loan Programs Office) | — | $1.66B (conditional) |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Meta Platforms | 9 | $600M |
| 2 | Meta | 7 | $1.80B |
| 3 | Microsoft | 6 | $1.18B |
| 4 | 4 | $2.40B | |
| 5 | J.P. Morgan, Bank of America, Morgan Stanley Renewables, Truist Bank, MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, Société Générale | 1 | $2.40B |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | ENGIE North America | 6 | $1.90B |
| 2 | Ørsted | 4 | $300M |
| 3 | Invenergy | 4 | $1.27B |
| 4 | Recurrent Energy (Canadian Solar) | 3 | $383M |
| 5 | 1PointFive (Occidental subsidiary) | 3 | $550M |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | MUFG | 3 | $1.75B |
| 2 | Natixis CIB | 1 | $1.27B |
| 3 | KeyBanc Capital Markets | 1 | $155M |
| 4 | Nord/LB | 1 | $183M |
| 5 | CIBC, MUFG | 1 | $689M |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Latham & Watkins LLP | 2 |
| 2 | Vinson & Elkins | 2 |
| 3 | Kirkland & Ellis | 2 |
| 4 | Latham & Watkins | 2 |
| 5 | Norton Rose Fulbright | 2 |
Technology Mix
Deal Type Mix
- Power Purchase & Offtake35
- Project Finance31
- Project & Portfolio M&A16
- Corporate M&A9
- Tax Equity & Tax Credits5
Activity by Year
Recent Deals
Latest 10- Blevins Solar & Storage Project — ~272 MW solar + battery storage, Falls Coun…Apr 21, 2026
Power Purchase & Offtake · TX · 270 MW
- Stillhouse Solar PV — 281 MWdc / 210 MWac utility-scale solar, Bell County Te…Apr 16, 2026
Tax Equity & Tax Credits · TX · >$380,000,000 · 210 MW
- Apr 14, 2026
- GridStor Hidden Lakes Reliability Project — 220 MW / 440 MWh BESS, Galveston …Apr 8, 2026
Power Purchase & Offtake · TX · 220 MW
- Conduit Power ERCOT Distributed Generation Portfolio — $200M equipment financ…Apr 7, 2026
Project Finance · TX · $200,000,000 · 200 MW
- Apr 2, 2026
- Briscoe Wind Farm — 150 MW operating wind, West TexasApr 2, 2026
Project & Portfolio M&A · TX · $53M · 150 MW
- Boxcar Battery Energy Storage System — 300 MWh / 150 MW BESS, Wylie, Texas (E…Mar 26, 2026
Project Finance · TX · $140M · 150 MW
- Echols Grove Solar (253 MWdc, Lamar County TX) + Cedar Range Solar (188 MWdc,…Mar 25, 2026
Project Finance · TX · $600M · 441 MW
- Cold Creek Solar + Storage — 430 MWac solar + 340 MWh battery storage, Schlei…Mar 24, 2026
Project Finance · TX · ~$900M · 430 MW
Recent Moves at Active Firms
All moves →Jennifer Gasser joined as Partner, Energy and Infrastructure M&A at Paul WeissMar 3, 2026
David Carroll appointed Board Chair at American Clean Power AssociationFeb 23, 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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