TECHNOLOGY
Solar Deals
Utility-scale and distributed solar PV — project finance, tax equity, M&A, PPAs, and module manufacturing. The largest tracked technology category in the US clean energy deal stack.
146
Tracked Deals
89.6 GW
Total Capacity
$59.70B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Jun 9, 2025 | Sunnova residential solar platform — 500K+ customers, res… Sunnova Energy International (Chapter 11) → Solaris Assets, LLC; Atlas SP Partners; Lennar Homes; Omnidian | — | $10.67B debt restructured ($25M cash + asset bids) |
| 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) |
| Jun 23, 2025 | Nexamp community solar expansion — $3.9B investment commi… Nexamp → Mitsubishi (Diamond Generating Corp) | 3.0 GW | $3.9B (investment plan) |
| Sep 1, 2023 | Project Hestia (residential solar loan expansion) Sunnova Energy International → US Department of Energy (LPO) | — | $3B |
| 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+ |
| Jun 1, 2024 | Mammoth Solar — 1,300 MW utility-scale solar project in S… Doral Renewables | 1.3 GW | $1.5B |
| May 15, 2025 | Mammoth Solar (Mammoth South + Mammoth Central I + Mammot… Doral Renewables → KeyBanc Capital Markets, Santander, HSBC (debt); Truist (tax equity) | 900 MW | $1.5B |
| 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) |
| Sep 26, 2025 | TotalEnergies North America solar portfolio — 1.3 GW util… TotalEnergies → KKR | 1.4 GW | $1.25B |
| Jan 1, 2024 | Double Black Diamond Solar (800 MWdc, Illinois) Swift Current Energy → Multiple | 800 MW | $1.22B |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Microsoft | 10 | $748M |
| 2 | Meta | 10 | $2.12B |
| 3 | Meta Platforms | 9 | $1.41B |
| 4 | 6 | $2.40B | |
| 5 | Multiple | 3 | $1.72B |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Recurrent Energy (Canadian Solar) | 5 | $463M |
| 2 | Invenergy | 5 | $1.10B |
| 3 | EDP Renewables North America | 4 | — |
| 4 | Pine Gate Renewables | 4 | $1.51B |
| 5 | ENGIE North America | 4 | $900M |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | MUFG | 3 | $1.60B |
| 2 | Barclays | 1 | $140M |
| 3 | Bank of America | 1 | $305M |
| 4 | SMBC; ING Capital; Credit Agricole CIB; MUFG; National Australia Bank | 1 | — |
| 5 | Goldman Sachs | 1 | $355M |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Norton Rose Fulbright | 3 |
| 2 | Latham & Watkins | 2 |
| 3 | Milbank | 2 |
| 4 | Latham & Watkins LLP | 1 |
| 5 | White & Case | 1 |
Technology Mix
Deal Type Mix
- Power Purchase & Offtake46
- Project Finance45
- Project & Portfolio M&A24
- Corporate M&A10
- Tax Equity & Tax Credits9
Activity by Year
Recent Deals
Latest 10- Nottingham Solar — 120 MW utility-scale solar PV on a reclaimed coal strip mi…Apr 22, 2026
Project & Portfolio M&A · OH · 120 MW
- Tandem PV Fremont Factory — 65,000 sq ft commercial demonstration facility pr…Apr 20, 2026
Strategic & Growth Capital · CA · 40 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 16, 2026
- Apr 14, 2026
- Solar Landscape community solar portfolio — 145 MWdc across Maryland, Illinoi…Apr 14, 2026
Tax Equity & Tax Credits · MD · $117,000,000 · 145 MW
- Mortenson acquires Nor-Cal Controls — US solar commissioning and controls ser…Apr 9, 2026
Corporate M&A · Multi-state
- Heelstone — Alligator Creek Solar (104 MW, Wheeler County GA) + Murch Solar (…Apr 7, 2026
Project Finance · GA, MI · 206 MW
- Flat Creek Solar — 300 MW solar, Towns of Canajoharie and Root, Montgomery Co…Apr 6, 2026
Regulatory & Permits · NY · 300 MW
- 227 MWac operating solar portfolio — 12 projects, Western United States (50% …Mar 31, 2026
Project & Portfolio M&A · Multi-state · 227 MW
Recent Moves at Active Firms
All moves →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
Colin Parkin promoted to President at Canadian SolarJan 20, 2026
Timothy Fitzpatrick promoted to Partner, Global Project, Energy and Infrastructure Finance at MilbankJan 1, 2026
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