TECHNOLOGY
Hybrid Deals
Multi-resource hybrid portfolios — solar+wind, solar+wind+storage, gas+battery, and other diversified-asset deals where no single technology dominates.
107
Tracked Deals
456.1 GW
Total Capacity
$307.73B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Aug 8, 2025 | AES Corporation — global integrated utility (~36 GW, incl… AES Corporation public shareholders → Global Infrastructure Partners, EQT Infrastructure VI, CalPERS, Qatar Investment Authority | 36.0 GW | $33.4B EV / $10.7B equity |
| Mar 2, 2026 | AES Corporation — diversified global power company with ~… AES Corporation (NYSE: AES) → Global Infrastructure Partners, EQT Infrastructure VI, CalPERS, Qatar Investment Authority | 35.0 GW | $33.4B enterprise value ($10.7B equity at $15/share) |
| Feb 25, 2026 | Southern Company grid reliability program — 16 GW firm po… Georgia Power / Alabama Power (Southern Company subsidiaries) → US Department of Energy — Office of Energy Dominance Financing | 16.0 GW | $26.5B |
| Oct 1, 2025 | Lighthouse Campus — ~2 GW renewable energy infrastructure… Vantage Data Centers / WEC Energy Group → Oracle / OpenAI | 2.0 GW | $15B campus investment |
| Dec 17, 2024 | Project Polaris — conditional commitment for hydropower, … PG&E → DOE Loan Programs Office | — | $15B |
| Jan 12, 2024 | Global Infrastructure Partners (GIP) — world's largest in… Global Infrastructure Partners → BlackRock | 19.0 GW | $12.5B |
| Mar 10, 2026 | Intersect Power platform — digital power / data center + … Greenbelt Capital Partners; TPG Rise Climate; Climate Adaptive Infrastructure (CAI) → Alphabet (Google) | 10.8 GW | $12B enterprise value ($4.75B cash + assumed debt) |
| May 18, 2025 | TXNM Energy — regulated utility serving 800,000+ customer… Blackstone Infrastructure | 3.0 GW | $11.5B |
| May 1, 2024 | Brookfield-Microsoft framework PPA — 10.5 GW new renewabl… Brookfield Renewable → Microsoft | 10.5 GW | $10B+ |
| Feb 24, 2025 | Innergex Renewable Energy — ~4 GW operating renewable por… Innergex Renewable Energy public shareholders → La Caisse (CDPQ) | 4.0 GW | C$10B (~US$7.3B) |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | US Department of Energy | 5 | $15.26B |
| 2 | Ares Management | 3 | — |
| 3 | 3 | $2.40B | |
| 4 | BlackRock | 2 | $13.00B |
| 5 | Meta | 2 | — |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Invenergy | 5 | $1.85B |
| 2 | ENGIE North America | 4 | $1.00B |
| 3 | Longroad Energy | 4 | $600M |
| 4 | Intersect Power | 3 | $17.55B |
| 5 | Hecate Energy | 3 | $681M |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | DOE LPO (EIR Program) | 2 | $15.86B |
| 2 | MUFG | 2 | $1.01B |
| 3 | Natixis CIB | 1 | $1.27B |
| 4 | KeyBanc Capital Markets | 1 | $155M |
| 5 | BNP Paribas, Crédit Agricole, Natixis, Nord/LB | 1 | $773M |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Kirkland & Ellis | 5 |
| 2 | Orrick | 4 |
| 3 | Skadden, Arps, Slate, Meagher & Flom | 3 |
| 4 | Latham & Watkins | 2 |
| 5 | Morgan Lewis | 2 |
Technology Mix
Deal Type Mix
- Corporate M&A32
- Project Finance27
- Power Purchase & Offtake14
- Corporate Debt & Capital Markets13
- Project & Portfolio M&A11
Activity by Year
Recent Deals
Latest 10- ArcLight Infrastructure Partners Fund VIII — $3.9B final close (exceeded $3.0…Apr 7, 2026
Strategic & Growth Capital · Multi-state · $3,900,000,000
- Conduit Power ERCOT Distributed Generation Portfolio — $200M equipment financ…Apr 7, 2026
Project Finance · TX · $200,000,000 · 200 MW
- Georgia Power Customer Identified Resource (CIR) Program — up to 3,000 MW cle…Apr 7, 2026
Regulatory & Permits · GA · 3,000 MW
- Entergy Louisiana / Meta Northeast Louisiana Data Center — up to 2,500 MW sol…Mar 27, 2026
Power Purchase & Offtake · LA · 2,500 MW
- SunDog Energy Center — 200 MW solar + 200 MW / 800 MWh battery storage, Pinal…Mar 17, 2026
Power Purchase & Offtake · AZ · 200 MW
- Crimson Orchard — 120 MW solar + 400 MWh BESS in Elmore County, IdahoMar 16, 2026
Project Finance · ID · $304M · 120 MW
- Maricopa Energy Center — 550 MW solar + 2,200 MWh BESS in Arizona (largest re…Mar 16, 2026
Project Finance · AZ · $1.71B · 550 MW
- Sun Pond Solar + BESS — 111 MWdc / 85 MWac solar + 340 MWh battery storage, M…Mar 11, 2026
Tax Equity & Tax Credits · AZ · 111 MW
- Intersect Power platform — digital power / data center + clean energy infrast…Mar 10, 2026
Corporate M&A · Multi-state · $12B enterprise value ($4.75B cash + assumed debt) · 10,800 MW
- Northview Energy — 2.3 GW seed portfolio of 22 operating sites (17 solar + 5 …Mar 3, 2026
Corporate M&A · Multi-state · ~$2.6B enterprise value (~$425M per 1/3 share) · 2,300 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
Neal Kemkar joined as Chief Network Officer at CeresFeb 9, 2026
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