19 deals. 6.7 GW. Over $1 billion in disclosed value.
This analysis is based on renewables.digital transaction database. Our databases cover renewable energy investors, developers, and deal activity across the Americas, Europe, and globally, available as downloadable Excel files with company details, executive contacts, investment focus, and transaction history.
This report covers 19 renewable energy transactions in the United States recorded in the transaction database between January and March 2026. It includes deals in solar PV, onshore wind, and battery energy storage across markets from ERCOT (Electric Reliability Council of Texas) to PJM to NYISO.
The American Renewable Energy Market: Q1 2026 in Numbers
The US market recorded 19 transactions in our database with a combined capacity of approximately 6,700 MW. January was the busiest month with nine deals, followed by March with seven and February with three. Solar PV appeared in 10 transactions, battery storage in nine, and onshore wind in four. Two deals involved disclosed pricing that summed to approximately $1.07 billion.
The activity was concentrated in a few states and power markets. Texas and the ERCOT grid accounted for the majority of BESS transactions. Community solar deals clustered in New York, New Jersey, Illinois, and New Mexico. The single largest deal by capacity, Cypress Creek’s acquisition of the 2.45 GW Steel River project, which is located in Arkansas. Wind transactions were distributed across Oklahoma, Oregon, Washington State, and multiple US and Canadian markets (in the case of the Pattern Energy/Cordelio deal).
The US American market context
In terms of new capacity, 2025 was the strongest year for US power infrastructure in over two decades. A total of 54 GW of new utility-scale generation and storage came online, with renewables making up 33 GW, roughly 61% of all additions. Solar was the main contributor, with 27 GW of alternating current capacity alone. Wind held steady at approximately 6 GW. Battery storage posted its biggest year on record with 15 GW of new utility-scale capacity, driven by falling battery costs and the growing role of storage in managing grid flexibility as renewable penetration increases. Taken together, zero-emission sources, renewables plus storage, accounted for 48 GW, or 90% of all capacity additions
ERCOT, in particular, has become the centre of gravity for US battery storage investment. Fast-growing electricity demand (driven in part by data centres and industrial load), merchant pricing dynamics, and a relatively streamlined interconnection process have made Texas the central market for domestic and international BESS developers.
The Major American Transactions in the first Quarter 2026
Pattern Energy Acquires Cordelio Power (Capacity 1,550 MW)
Pattern Energy announced an agreement to acquire Cordelio Power, an independent power producer formerly owned by CPP Investments (Canada Pension Plan Investment Board). The deal brings 16 operating and under-construction wind, solar, and storage projects totalling 1,550 MW across the US and Canada, plus the majority of Cordelio’s development pipeline in key US target markets. Pattern also absorbs Cordelio’s team. With nearly 30 GW in its existing pipeline, Pattern is positioning itself to capture the next phase of energy demand growth by combining large-scale generation development with transmission infrastructure.
Enel Acquires Wind and Solar Portfolio (Capacity 830MW, Price $1 billion)
Enel Green Power acquired an 830 MW portfolio of operational wind and solar plants from Excelsior Energy Capital for approximately $1 billion. The assets generate an expected 2.1 TWh annually. Following closing, Enel’s North American installed renewable capacity reaches approximately 13 GW. The deal reflects Enel’s continued commitment to the US market despite the shifting federal policy landscape.
Cypress Creek Acquires Steel River Project (Capacity 2,45GW, $4.5 billion+ in Capital Costs)
Cypress Creek Renewables acquired the Steel River project in Mississippi County, Arkansas from Swift Current Energy. The project pairs 2.45 GW of solar PV with 720 MW / 2.9 GWh of battery storage across three 815 MW phases, each with matched 240 MW / 960 MWh BESS. All phases are expected to reach service by 2029. Estimated total capital costs exceed $4.5 billion. The acquisition doubles Cypress Creek’s operating and under-construction portfolio to nearly 7 GW. By capacity, this is one of the largest single renewable energy project acquisitions completed in the US.
Portland General Electric Expands into Washington State (Capacity 328 MW of Wind)
Portland General Electric acquired PacifiCorp’s Washington State utility operations, including 328 MW of onshore wind capacity (Goodnoe Hills, 94 MW; Marengo I and II, 234 MW) and the 477 MW Chehalis natural gas plant, along with 4,500 miles of transmission and distribution infrastructure. Manulife Infrastructure Fund participated as a co-investor. The deal gives PGE a regulated footprint in a second state and adds contracted wind generation to its portfolio.
Battery Storage: ERCOT Dominates
Nine of the 19 US deals involved battery storage, and the concentration in Texas was striking. ERCOT-connected projects accounted for the majority of BESS transactions by both deal count and capacity:
Daiwa Energy & Infrastructure made two separate Texas BESS investments in January a 200 MW project acquired jointly with Excelsior Energy Capital from Lydian Energy, and a 30 MW portfolio marking Daiwa’s first fully owned US project. Daiwa is a Japanese infrastructure investor expanding its overseas renewable energy platform.
Energy Vault acquired a 175 MW / 350 MWh project in ERCOT North from Belltown Power. The project uses Energy Vault’s proprietary B-VAULT platform and is expected to deliver $15–20 million in average annual revenues over its technical life.
Bimergen Energy acquired a 79.2 MW distributed generation BESS portfolio in ERCOT South from Aggreko eight 9.9 MW projects designed to provide frequency regulation, voltage support, and energy arbitrage.
Outside Texas, the quarter’s most significant BESS transaction was Exus Renewables’ acquisition of a 250 MW / 1,000 MWh standalone project from NextVolt, to be advanced through final development and into construction. Elevate Renewables acquired the 150 MW / 600 MWh Prospect Power project in Virginia from Swift Current Energy the largest battery storage project in the PJM market, fully contracted under a 15-year PPA. And Eolus sold its 127 MW / 506 MWh Roccasecca project in Nevada to an undisclosed large US IPP for approximately $66.9 million.
The Steel River acquisition (720 MW / 2.9 GWh of BESS co-located with 2.45 GW solar) adds further scale.
In total, BESS capacity transacted in the US during Q1 exceeded 1.7 GW on a standalone basis in our database, or over 2.4 GW when including co-located storage.
Solar PV: Community Solar Grows, Utility-Scale Scales
Solar energy projects appeared in 10 deals, split between utility-scale and community/distributed generation.
On the utility-scale side, Fengate acquired a 50% interest in Clearway Energy’s 227 MWac operational portfolio of 12 projects in the western US, the second partnership between the two companies. Altus Power acquired a 105 MW DC in-construction portfolio in New York from Cordelio Power, along with a separate 12 MW commercial-scale operating portfolio across Florida, Georgia, Maryland, and Rhode Island.
Community solar continued to build momentum. Standard Solar completed two separate acquisitions: a 48.4 MW portfolio of eight projects in New Mexico (developed by Pluma Construction and ForeFront Power) and a 28.8 MW brownfield portfolio of six projects sited on closed landfills in New Jersey and Illinois (from AC Power). Aspen Power acquired community solar portfolios from Cipriani Energy Group (51 MW across New York and Illinois) and CTEC Solar (6.8 MW in upstate New York). These deals reflect growing state-level demand for distributed solar, particularly in New York, New Jersey, Illinois, and New Mexico — markets where community solar programmes are expanding and subscriber demand outpaces available capacity.
Onshore Wind: Fewer Deals, Strategic Positioning
Wind appeared in four transactions. The Pattern Energy/Cordelio acquisition (1,550 MW multi-technology) and the Enel portfolio purchase (830 MW wind and solar combined) were the largest. Portland General Electric’s Washington State acquisition added 328 MW of contracted wind. Arroyo Investors and ONCEnergy acquired the 60 MW Whirlwind Energy Center in Texas, which supplies ERCOT under a long-term PPA with Austin Energy.
The relatively modest number of standalone wind transactions reflects a broader market pattern: new onshore wind development in the US has slowed compared to solar and storage, and the wind deals that are closing tend to involve operating assets with established revenue streams rather than greenfield development.
Market Patterns
ERCOT is the default BESS market. Texas accounted for the clear majority of battery storage transactions. The ERCOT market’s combination of merchant pricing, fast-growing demand, and a comparatively efficient interconnection process continues to attract both domestic developers and international capital (Daiwa from Japan, Belltown Power from Europe). The distributed generation BESS model, with multiple sub-10 MW projects avoiding full interconnection studies, is a growing niche within ERCOT, as the Bimergen deal demonstrates.
Japanese capital is arriving. Daiwa Energy & Infrastructure’s two Texas acquisitions are part of a broader pattern of Japanese institutional capital entering the US renewable energy market. Japanese investors bring patient capital and long-term infrastructure investment horizons, and the US battery storage and solar markets offer contracted, yield-oriented return profiles that align with that approach.
Community solar is consolidating. Standard Solar, Aspen Power, and Altus Power each completed multiple acquisitions during the quarter. The community solar segment is moving from a fragmented, developer-led market toward a more consolidated ownership structure where specialist acquirers assemble portfolios at scale. New York, New Jersey, Illinois, and New Mexico are the most active state markets.
The develop-and-sell model is well established. Multiple Q1 transactions involved specialised developers (NextVolt, Swift Current Energy, Belltown Power, Lydian Energy) selling projects to long-term owners (Exus, Elevate, Energy Vault, Daiwa). This pipeline of development-stage and ready-to-build assets being created specifically for sale to institutional and strategic buyers is the foundation of market liquidity in US BESS.
Policy uncertainty has not stopped capital deployment. The federal policy environment became less favourable for renewables over the course of 2025, but Q1 2026 deal flow shows that investor appetite has not weakened it has shifted. Capital is flowing toward assets with contracted revenue, toward states with their own clean energy mandates, and toward technologies (particularly storage) where the investment case rests on grid economics rather than federal subsidies.
Outlook
The first quarter suggests that 2026 will be defined by three dynamics in the US market. First, battery storage will continue to absorb a growing share of total investment, driven by ERCOT fundamentals and expanding merchant opportunities in PJM, CAISO, and other organised markets. Second, community solar consolidation will accelerate as specialist acquirers build scale in states with established programmes. Third, the largest deals will increasingly involve multi-technology portfolios, solar paired with storage, wind combined with a development pipeline rather than single-asset, single-technology transactions. The era of the standalone greenfield wind or solar acquisition as the default deal structure is giving way to something more complex, more integrated, and ultimately more reflective of where the US power system is heading.
Sources: Business Council for Sustainable Energy
Picture Sources: Harisankar, Iain via Unsplash
