August 2025

Constellation Energy Corp secured approval from the Federal Energy Regulatory Commission (FERC) to acquire US power producer Calpine Corporation in a transaction valued at approximately $29 billion, including debt. The FERC clearance follows prior approvals from the New York Public Service Commission and the Public Utility Commission of Texas. The deal, which Constellation announced in January 2025, is expected to close in the fourth quarter of 2025, pending review by the Department of Justice (DoJ) and other customary conditions

Opdenergy, a Spanish independent power producer majority-owned by Antin, agreed to acquire a 440MW portfolio of operational wind farms in Spain from Acciona Energía for over €500 million. The transaction, pending regulatory approval and expected to close by end-2025, includes 13 wind farms located across the provinces of Albacete, Cádiz, Cuenca, Lleida, Valencia, and Zamora. The acquisition strengthens Opdenergy’s presence in its core market and expands its overall portfolio

Global Dominion Access SA, a Spanish engineering and services company, agreed to sell an 80% stake in six solar PV plants totaling around 321MWp in the Dominican Republic to funds managed by Pioneer Funds and JMMB Funds. The deal, which values the portfolio at over $375 million, will generate $102 million in cash for Dominion—$82 million payable in 2025 and the balance as a deferred payment. Dominion will retain a 20% stake for three years to support collaboration with its new partners and pursue future opportunities in the country. The portfolio includes El Soco (39MWp, operational since Dec 2022), WCG II (67MWp) and WCG III (73MWp, both commissioned in June 2025), La Victoria (65MWp, commissioned in July 2025), Lucila (11MWp, testing with COD expected Oct 2025), and Levitals (65MWp, under construction with COD forecast for 2026)

Smart Pension committed £330 million to two funds managed by Octopus Energy Generation, allocating 5% of its default fund to the Sky (Octopus Renewables Infrastructure SCSp) and OETF (Octopus Energy Transition Fund SCSp). The investment will support a portfolio of UK clean energy initiatives, including the country’s first investor-funded ground source heat pump network in South Wales

Spanish utility Iberdrola SA raised €2.5 billion through a multi-currency credit facility to bolster liquidity and accelerate investments in networks, renewables, and storage. The five-year facility, which includes an option for a two-year extension, was oversubscribed and secured with the participation of 32 international lenders. BBVA acted as co-coordinator and agent bank, while Iberdrola’s US subsidiary Avangrid Inc also joined the financing round

US independent power producer Sol Systems secured $675 million in debt financing to support the construction of a 500MW portfolio of solar and energy storage projects across Illinois, Ohio, and Texas. The three-year revolving construction facility will provide construction loans, tax equity bridge loans, and letters of credit for the portfolio. The debt package was arranged by a syndicate of lenders including Banco Bilbao Vizcaya Argentaria SA, ING Capital LLC, Intesa Sanpaolo, National Australia Bank Limited, NatWest, and Natixis

US renewables developer and operator Arevon Energy Inc secured a $600 million credit facility to advance the growth of its solar and energy storage portfolio nationwide. The facility, which can be upsized to $850 million, comprises a $350 million revolving loan and letter of credit facility, alongside a $250 million project letter of credit facility. Wells Fargo acted as administrative agent, while Crédit Agricole, CIBC, JPMorgan, and Bank of America served as joint lead arrangers