TECHNOLOGY
Battery Storage Deals
Standalone battery storage — BESS project finance, tax equity, capacity contracts, and storage-specific M&A. Tracks the fastest-growing US clean-energy capital category.
62
Tracked Deals
14.0 GW
Total Capacity
$20.48B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Mar 17, 2026 | LFP Prismatic Battery Cell Manufacturing — Lansing, Michi… LG Energy Solution → Tesla | — | $4.3B |
| Oct 1, 2023 | Plus Power utility-scale BESS portfolio Plus Power → Deutsche Bank, Societe Generale, Foss & Company | — | $1.8B |
| Aug 24, 2023 | Broad Reach Power — 350 MW operating BESS + 880 MW under … EnCap Energy Transition + Apollo Funds (+ Yorktown, Mercuria) → ENGIE | 2.9 GW | $1B+ equity ($1.6B total impact to ENGIE net debt) |
| Mar 16, 2026 | Samsung SDI prismatic ESS battery supply — multi-GWh deal… Samsung SDI → Undisclosed US energy firm | — | $1B |
| Mar 11, 2026 | Nighthawk Energy Storage — 300 MW / 1,200 MWh BESS in Pow… Arevon Energy → CIBC, ING, NORD/LB, Santander, Zions Bancorporation, Goldman Sachs Alternatives | 300 MW | $920M |
| Jun 1, 2023 | Intersect Power three standalone BESS projects (Texas) Intersect Power → Multiple | — | $837M |
| Jul 23, 2024 | Aypa Power corporate facility (largest in energy storage … Aypa Power → Multiple (consortium) | — | $650M |
| 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 |
| Mar 24, 2026 | Cormorant Energy Storage Project — 250 MW / 1,000 MWh LFP… Arevon Energy → MCE (Marin Clean Energy) | 250 MW | $600M |
| Feb 8, 2024 | Scatter Wash Energy Storage — 255 MW / 1,020 MWh standalo… Strata Clean Energy (Blackstone portfolio company) → J.P. Morgan, Nomura (CLAs); U.S. Bancorp Impact Finance, CoBank | 255 MW | $559M (debt + tax equity) |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Multiple | 3 | $1.61B |
| 2 | GridStor | 2 | — |
| 3 | TVA | 2 | $300M |
| 4 | MUFG, Nord/LB | 1 | $513M |
| 5 | Arizona Public Service | 1 | $513M |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Plus Power | 4 | $1.97B |
| 2 | Arevon Energy | 3 | $1.78B |
| 3 | Jupiter Power (BlackRock) | 2 | $786M |
| 4 | Form Energy | 2 | $405M |
| 5 | American Battery Factory (ABF) | 2 | — |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | MUFG, Nord/LB | 1 | $513M |
| 2 | Bank of America, CoBank, DNB, Rabobank, Siemens, Zions | 1 | $513M |
| 3 | Zions Bancorporation | 1 | $398M |
| 4 | Nord/LB | 1 | $183M |
| 5 | Morgan Stanley | 1 | $65M |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Latham & Watkins LLP | 2 |
| 2 | Norton Rose Fulbright; Allen Matkins | 1 |
Technology Mix
Deal Type Mix
- Project Finance22
- Power Purchase & Offtake12
- Project & Portfolio M&A9
- Strategic & Growth Capital6
- Corporate M&A5
Activity by Year
Recent Deals
Latest 10- Crawfish Creek Energy Storage — 200 MW / 800 MWh standalone BESS, Jackson Cou…Apr 21, 2026
Power Purchase & Offtake · AL · 200 MW
- Bobwhite Energy Storage — 225 MW / 900 MWh standalone BESS, Hawkins County, E…Apr 21, 2026
Power Purchase & Offtake · TN · $300,000,000 · 225 MW
- Eos Energy + TURBINE-X Private Power Infrastructure JDA — Joint Development A…Apr 15, 2026
Power Purchase & Offtake · Multi-state
- Elevate Renewables $50M Rabobank Energy Transition Supplier Finance Facility …Apr 13, 2026
Project Finance · VA · $50,000,000 · 150 MW
- Critical Loop $26M Series A — modular BESS + software microgrid platform, tot…Apr 13, 2026
Strategic & Growth Capital · CA · $26,000,000
- XPLR Infrastructure $232M Limited-Recourse Term Loan — battery storage JV por…Apr 10, 2026
Project Finance · Multi-state · $232,000,000 · 200 MW
- GridStor Hidden Lakes Reliability Project — 220 MW / 440 MWh BESS, Galveston …Apr 8, 2026
Power Purchase & Offtake · TX · 220 MW
- Lion Energy equity stake + LFP cell supply agreement in American Battery Fact…Apr 8, 2026
Strategic & Growth Capital · AZ
- Xcel Energy CapacityConnect Phase 2 — 50–200 MW utility-owned battery storage…Apr 8, 2026
Regulatory & Permits · MN · $430M · 200 MW
- Georgia Power Wadley Battery Energy Storage System — 260 MW / 1,000 MWh, Jeff…Apr 2, 2026
Power Purchase & Offtake · GA · 260 MW
Recent Moves at Active Firms
All moves →Kevin Smith joined as Chief Executive Officer at Cypress Creek RenewablesMar 5, 2026
Justin Johnson named interim Interim Chief Executive Officer at Arevon EnergyFeb 20, 2026
Kevin Smith departed Arevon EnergyFeb 20, 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
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