Good Morning, here is this week's overview
M&A Trends in Renewables
The Rundown: Clean energy projects may be poised for a revival in mergers and acquisitions as the outlook for electricity demand strengthens and buyer and seller valuation expectations converge. Executives at JPMorgan, Brookfield Asset Management, and Nuveen Infrastructure said project-level transaction activity could pick up in 2026, supported by demand growth from data centers and other sources, and with less uncertainty on energy policy, tariffs, and interest rates than a year ago. Asset owners have struggled to complete project sales over the past year and are increasingly prepared to lower price expectations, while buyers are becoming more willing to pay for clean generation capacity.
“As power demand, including for clean energy, increases more than expected, we may find demand-supply tightening and a premium being paid for quality development assets,” said JPMorgan’s Zdun.
Completed acquisitions of solar, wind, and energy storage assets totaled 55.3 gigawatts in 2025, the lowest since 2017, and the value of completed company-level renewable deals fell to the lowest since 2020. Nuveen said exit markets are starting to become more fluid and it is in talks over potential deals for wind assets in Europe. Brookfield emphasized that operational projects with credible offtake customers remain the most attractive to most investors, citing the mature market for long-term contracted operating assets. JPMorgan noted that if demand increases more than expected, tightening supply could lead to a premium being paid for quality development assets.
Power Moves
🤝 M&A
Hecate Energy’s Grid System
🚀 Hecate Energy goes public in USD $1.2 Billion SPAC merger
Energy infrastructure developer Hecate Energy will go public through a USD $1.2 billion merger with special purpose acquisition company (SPAC) EGH Acquisition Corp, continuing the broader rebound in SPAC transactions. The company says it has sold more than 12 GW of projects to date and currently has over 4 GW in exclusive or advanced sale negotiations. Management said public market access should help accelerate project development and monetization while attracting more institutional capital. The combined company is expected to list on Nasdaq under ticker HCTE, with the deal targeted to close in mid-2026.
📉 EnBW exits two U.K. offshore wind projects after failed CfD round
German utility EnBW Energie Baden-Württemberg is withdrawing from the Mona and Morgan offshore wind projects in the U.K. after failing to secure contracts for difference (CfDs) in the government’s latest allocation round. The company is selling its 50% stake in the Mona project to its partner JERA Nex bp and terminating the Morgan project entirely. The decision results in a €1.2 billion non-cash impairment tied to accumulated development and seabed lease costs. S&P Global Ratings said the setback leaves material sunk costs but can be absorbed at EnBW’s current credit rating, with limited near-term cash flow impact and no expected termination costs for Mona due to the stake sale
🌞 ACCIONA Energía sells US–Mexico wind and solar portfolio stake for USD $1 Billion
ACCIONA Energía has agreed to sell a 49% stake in a 1.3 GW U.S. solar portfolio and its full ownership of two Mexican wind farms totaling 321 MW to Mexico Infrastructure Partners for approximately USD $1 billion in equity value. The U.S. portfolio includes four photovoltaic plants across Texas, Illinois, and Ohio, while the Mexico assets include the El Cortijo (183 MW) and Santa Cruz (138 MW) wind farms in Tamaulipas. ACCIONA will retain a 51% majority stake in the U.S. solar assets and continue operating and managing them. The deal is expected to close in the first half of 2026, subject to approvals and financing, and is part of the company’s ongoing asset rotation strategy to unlock capital and strengthen its balance sheet.
🚀 Tech Watch
General Fusion Executive Team
General Fusion to go public in USD $1 B SPAC deal
Canadian fusion company General Fusion plans to go public through a merger with SPAC Spring Valley Acquisition Corp. III, in a transaction valuing the company at about USD $1 billion. The company is developing magnetized target fusion and is operating its LM26 demonstration machine. Proceeds will fund further testing and development. The deal includes USD $105 million in PIPE financing and up to USD $230 million from the SPAC trust, with closing expected in mid-2026 and a planned Nasdaq ticker of GFUZ.
Noon Energy Unveils 100-Hour Ultra-Long Duration Battery System
California-based startup Noon Energy has demonstrated an ultra-long-duration battery system capable of more than 100 hours of discharge, with a recent modular trial running over 200 hours using a reversible solid oxide fuel cell design. The system is built for multi-day energy storage alongside renewables, especially for data centers and industrial users that need continuous power. Its design separates power from energy capacity, allowing longer storage duration without proportional cost increases, and uses common materials like carbon and oxygen instead of scarce critical minerals.
Sage Geosystems raises $97M Series B to fast-track first commercial geothermal project
Advanced geothermal startup Sage Geosystems has raised more than USD $97 million in a Series B round to deploy its first commercial-scale power project in the western U.S. this year. The project is being developed through a partnership with Ormat Technologies, which is licensing Sage’s pressure geothermal technology and hosting the build at an existing power site. The partnership accelerates Sage’s commercialization timeline by roughly two years and supports both power generation and long-duration energy storage use cases.
