Good Morning, here is this week's overview
New International Energy Agency Report
The Rundown: The International Energy Agency just released its Electricity 2026 report, which lays out how global power demand, supply, and grid constraints are expected to evolve through 2030.
Don’t worry, I read it, so you don’t have to!
Notes from the report:
Rapid global demand growth: Worldwide electricity demand is forecast to grow at an average of 3.6 % per year from 2026-2030, driven by electrification in industry, electric vehicle charging, cooling (air conditioning), and data centers.
A new demand paradigm: For the first time in decades (outside crisis periods), electricity demand grew faster than economic output, a trend the IEA expects to persist into the late 2020s, signalling a shift in how modern economies use power.
Emerging economies dominate growth: Nearly 80 % of additional electricity consumption through 2030 is expected to come from emerging markets, with China alone accounting for about half of global demand growth, and regions like India and Southeast Asia also accelerating.
Advanced economies rebound: After years of relatively flat demand, places like the EU, U.S., Canada, Japan, and Korea are seeing faster demand growth as electrification of transport, heat, and data services intensifies.
Power Moves
🤝 M&A
SK Group CEO Tae-won Chey
🌏 SK Group selects KKR for USD 1.3 bn renewable carve-out, plans JV platform
SK Group has selected KKR as the preferred buyer for a portfolio of renewable energy assets held across its subsidiaries, with the transaction valued at around USD 1.3 billion. The deal represents the first step in a broader plan to consolidate SK’s solar, wind, fuel cell, and energy storage assets into a joint venture platform.
Following the asset sale, SK and KKR are expected to inject additional capital into the JV, creating an integrated renewable energy platform with end-to-end exposure from development through operations. The move gives KKR a foothold in Asian power infrastructure.
🌞 TerraForm Power acquires 1.56 GW U.S. solar project from Hexagon Energy
TerraForm Power, an affiliate of Brookfield Asset Management, has acquired the 1.56 GW Steward Creek Solar project in Illinois from Hexagon Energy. One of the largest solar projects in the U.S., the acquisition expands TerraForm’s pre-construction solar and storage pipeline to nearly 7 GW, primarily across PJM and SERC.
The project has secured a 600 MW interconnection agreement with PJM and Commonwealth Edison and will be developed in two phases, with commercial operations expected between 2029–2030.
🏦 Capital Flows
💰 Vision Ridge raises USD 2.4 bn for energy transition fund
Vision Ridge Partners has closed Sustainable Asset Fund IV with USD 2.4 billion in commitments, marking the Colorado-based firm’s largest fundraise to date and nearly doubling the size of its prior vehicle. Capital came from a mix of sovereign wealth funds, pensions, insurers, endowments, and family offices, with additional capital raised through related co-investment and managed account vehicles.
🟢 Greenbackercloses USD 440 m tax equity financing for New York’s largest solar project
Greenbacker Renewable Energy Company has closed a USD 440 million tax equity financing for the 674 MWdc / 500 MWac Cider Solar project in New York, with capital provided by U.S. Bank and M&T Bank. The financing completes the project’s capital stack and clears the way for commercial operation targeted for late 2026, with Cider set to become the largest solar project in New York State.
🚀 Tech Watch
Inertia Founders
Fusion startup Inertia Enterprises raises USD 450 m to pursue laser-based fusion power
Inertia Enterprises has raised USD 450 million in a Series A round led by Bessemer Venture Partners, with participation from Threshold Ventures, Long Journey Ventures, and GV. The company is developing a laser-based fusion approach, which is the same method that achieved net energy gain in a 2022 experiment at Lawrence Livermore National Laboratory, and plans to begin construction of a commercial power plant around 2030.
⚡ Renewable energy marketplace Tem raises USD 75 m in Series B
Tem, a London-based, renewable energy marketplace, has raised USD 75 million in a Series B round led by Lightspeed Venture Partners. The oversubscribed round included participation from Hitachi Ventures, Voyager Ventures, and Schroders Capital, alongside existing backers AlbionVC and Atomico.
Founded in 2021, Tem has facilitated over 2 TWh of energy transactions across more than 4,000 sites in the UK and plans to use the new capital to expand internationally, with early discussions underway in Texas and Australia.
⚛️ Deep Space Energy raises USD 1.1 m to develop nuclear power for space and lunar missions
Deep Space Energy has raised EUR 930,000 (USD 1.1 million) in pre-seed funding to develop radioisotope-based power systems for space and defence applications. The round included EUR 350,000 from Outlast Fund and angel investor Linas Sargautis, with an additional EUR 580,000 secured through grants and contracts from the European Space Agency, NATO DIANA, and the Latvian government.
The company is developing a radioisotope generator that converts heat from nuclear waste into electricity, using significantly less fuel than legacy space systems, with long-term ambitions to power satellites and lunar surface missions where solar power is impractical.
