STATE
Clean Energy Deals in Utah
Every tracked clean energy deal in Utah since 2023 — 17 transactions, 7.7 GW of capacity, $12.65B of disclosed value. Includes M&A, project finance, PPAs, and tax credit transfers. Updated weekly.
17
Tracked Deals
7.7 GW
Total Capacity
$12.65B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Mar 10, 2023 | Vivint Smart Home — smart home / energy services platform… Vivint Smart Home shareholders → NRG Energy | — | $5.2B (incl. debt); $2.8B equity ($12/share) |
| Apr 6, 2026 | EnergySolutions (nuclear services — waste management, tra… TriArtisan Capital Advisors → Energy Capital Partners (ECP) | — | ~$2,000,000,000 |
| Nov 28, 2023 | Faraday Solar — 682.5 MW utility-scale solar with investm… Excelsior Energy Capital → U.S. Bancorp Impact Finance ($400M tax equity), MUFG, Nord/LB (CLAs) | 682.5 MW | $1.3B ($400M tax equity + $460M loan + $300M tax equity bridge + $250M ancillary) |
| Jun 1, 2024 | Green River Energy Center (400 MW solar + 400 MW / 1,600 … rPlus Energies → CACIB and others | 400 MW | $1.1B |
| Feb 17, 2026 | Three-project portfolio: AC Ranch 1 (75 MW solar, NM), Ye… Lydian Energy → CIBC, MUFG | 395 MW | $689M |
| Mar 13, 2025 | Honeycomb BESS Portfolio — 4x 80 MW battery storage syste… Clearway Energy Group → KeyBanc, CoBank, DNB, US Bancorp Impact Finance, National Australia Bank, Bank of America, Nord/LB | 320 MW | $605M |
| Dec 10, 2025 | Cape Station EGS development (Phase I 100 MW + Phase II 4… Fervo Energy → B Capital (lead), Google, Mitsui, AllianceBernstein | 500 MW | $462M (Series E) |
| Mar 19, 2026 | Cape Station Enhanced Geothermal System (EGS) — Phase 1 ~… Fervo Energy → RBC Capital Markets, Barclays, BBVA, HSBC, MUFG, Société Générale, J.P. Morgan, Bank of America, Sumitomo Mitsui Trust Bank | 500 MW | $421M |
| Jan 4, 2024 | Enel Green Power NA geothermal and solar portfolio — Cove… Enel Green Power North America → Ormat Technologies | 150 MW | $271M |
| Feb 29, 2024 | Cape Station Phase I + Phase II — 400 MW Enhanced Geother… Fervo Energy → Devon Energy (lead) + existing investors | 400 MW | $244M |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Ormat Technologies | 1 | $271M |
| 2 | KeyBanc, CoBank, DNB, US Bancorp Impact Finance, National Australia Bank, Bank of America, Nord/LB | 1 | $605M |
| 3 | PacifiCorp (Berkshire Hathaway Energy) | 1 | $605M |
| 4 | CIBC, MUFG | 1 | $689M |
| 5 | CACIB and others | 1 | $1.10B |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Fervo Energy | 9 | $1.48B |
| 2 | Enel Green Power North America | 1 | $271M |
| 3 | Clearway Energy Group | 1 | $605M |
| 4 | Lydian Energy | 1 | $689M |
| 5 | rPlus Energies | 1 | $1.10B |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | CIBC, MUFG | 1 | $689M |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Winston & Strawn | 1 |
| 2 | Latham & Watkins | 1 |
| 3 | Ropes & Gray | 1 |
Technology Mix
Deal Type Mix
- Project Finance6
- Strategic & Growth Capital5
- Power Purchase & Offtake2
- Corporate M&A2
- Project & Portfolio M&A1
Activity by Year
Recent Deals
Latest 10- Fervo Energy IPO (Nasdaq: FRVO) — enhanced geothermal systems pure-play; flag…Apr 17, 2026
Corporate Debt & Capital Markets · UT · 500 MW
- Fervo Energy / Turboden 1.7 GW Geothermal ORC Turbine Supply Framework Agreem…Apr 7, 2026
Power Purchase & Offtake · UT · 1,750 MW
- EnergySolutions (nuclear services — waste management, transportation, process…Apr 6, 2026
Corporate M&A · UT · ~$2,000,000,000
- Cape Station Enhanced Geothermal System (EGS) — Phase 1 ~100 MW, scaling to 5…Mar 19, 2026
Project Finance · UT · $421M · 500 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
- Cape Station EGS development (Phase I 100 MW + Phase II 400 MW) + broader Fer…Dec 10, 2025
Strategic & Growth Capital · UT · $462M (Series E) · 500 MW
- Cape Station Phase I — 100 MW enhanced geothermal (EGS), Beaver County, UtahJun 11, 2025
Project Finance · UT · $206M · 100 MW
- Honeycomb BESS Portfolio — 4x 80 MW battery storage systems (1,280 MWh total)…Mar 13, 2025
Project Finance · UT · $605M · 320 MW
- Cape Station Phase 1 + Phase 2 — 320 MW Enhanced Geothermal System (EGS), Bea…Jun 25, 2024
Power Purchase & Offtake · UT · 320 MW
- Green River Energy Center (400 MW solar + 400 MW / 1,600 MWh BESS, Utah)Jun 1, 2024
Project Finance · UT · $1.1B · 400 MW
Recent Moves at Active Firms
All moves →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
John Stavinoha joined as Partner, M&A and Private Equity (Energy) at Latham & WatkinsJan 1, 2026
Related
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