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					</table>U.S.-based <a href="https://www.headwaterenergy.com/" target="_blank" rel="noopener">Headwater Energy</a>,  a utility-scale solar and energy storage development firm, has completed the acquisition of <a href="https://arenarenewables.com/" target="_blank" rel="noopener">Arena Renewables</a>, a distributed generation solar and battery energy storage system developer.
The financial terms of the transaction were not disclosed.
The acquisition combines Arena’s project development capabilities with Headwater’s financing and operational platform, bringing a development pipeline of nearly 1 GW of solar and storage projects.
As part of the acquisition, Arena’s leadership team will continue to operate the business, supported by Headwater Energy’s capital resources and institutional infrastructure. The transaction is expected to enhance both companies’ ability to scale their activities across the U.S.
&#8220;Arena has built an exceptional platform: disciplined development, a talented team, and a compelling pipeline across solar and storage,&#8221; said Michael Cohen, CEO at Headwater Energy. &#8220;We have followed Arena closely, and we share a deep conviction in the strategy they&#8217;ve built. We couldn&#8217;t be more excited to support the team as they continue to grow.&#8221;
Following the acquisition, Arena is expected to receive the investment capital required to execute its current strategy. It gains access to construction financing, tax equity, and other capital solutions, enabling the company to accelerate project timelines from development to commissioning through Headwater’s financing and construction teams.
Founded in 2023, Arena Renewables has built a pipeline of nearly 1 GW in select U.S. markets, while Headwater Energy has more than 3.5 GW of active solar development and a significant portfolio of operating solar projects.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, M&amp;A activity was 17% higher YoY in 2025, with 96 corporate M&amp;A transactions compared to 82 in 2024.
Previously, in March 2026, Exus Renewables North America, an independent owner, developer, and operator of utility-scale renewable energy projects, <a href="https://mercomcapital.com/exus-renewables-north-america-acquires-ozone-renewables/" target="_blank" rel="noopener">acquired</a> Ozone Renewables, a U.S.-based renewable energy project developer.

Headwater Energy Acquires Solar and Storage Developer Arena Renewables

BOOM Power, a solar and battery storage project developer, has <a href="https://mercomcapital.com/boom-power-sells-100-mw-of-two-solar-projects/" target="_blank" rel="noopener">completed</a> the sale of two solar projects totaling 110 MW in the U.K. to Enray Power, a solar and storage project developer. The sale includes Firsfield Solar, with an installed capacity of 71 MWp and an export capacity of up to 46.9 MWp, located in West Suffolk, and Osgodby Solar, with a capacity of 42.9 MWp, situated in North Yorkshire.
Headwater Energy, a utility-scale solar and energy storage development firm, <a href="https://mercomcapital.com/headwater-energy-secures-144-million-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> $144 million construction financing for its 112.5 MWdc Gum Swamp solar project in North Carolina, arranged by BridgePeak Energy Capital and funded in part by Pathward. The loan originated under Pathward’s energy lending program and a lender syndicate, with BridgePeak serving as the lender service provider.
Decarbonization solutions company ReNew Energy Global (ReNew) has <a href="https://www.mercomindia.com/renew-secures-331-million-from-adb-for-hybrid-renewable-energy-project" target="_blank" rel="noopener">secured</a> $331 million in debt funding from the Asian Development Bank (ADB) to support the development of a large-scale clean energy project in Andhra Pradesh. ReNew said the Andhra Pradesh clean energy project integrates 837 MW of wind and solar capacity with a 415 MWh battery energy storage system (BESS). It aims to deliver 300 MW of peak power as well as a dependable baseload supply.
Akaysha Energy, an energy storage project developer, <a href="https://mercomcapital.com/akaysha-energy-closes-299-million-1-2-gwh-battery-storage-project/" target="_blank" rel="noopener">secured</a> A$460 million (~$299 million) in project financing to fund construction of its Elaine battery energy storage system (BESS) in Victoria, Australia. With the closing of the financing, construction on the storage project has begun. A group of eight international and domestic banks, including BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Société Générale, provided the funding.
N-Sun Energy, a solar development platform created by Alantra Solar, <a href="https://mercomcapital.com/n-sun-energy-secures-408m-financing-275-mw-solar-portfolio/" target="_blank" rel="noopener">signed</a> a €355 million (~$408 million) green financing agreement with Intesa Sanpaolo, through its Italian subsidiary N-Sun Energy Advisors Italy 2. The funding provided by Intesa Sanpaolo will be used for the development and construction of a 275 MWp portfolio of five photovoltaic and agrivoltaics projects across Italy.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-goldenpeaks-secures-133-million-for-solar-portfolio/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: BOOM Power Sells 110 MW of Two Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-boom-power-sells-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
BOOM Power, a solar and battery storage project developer, has <a href="https://mercomcapital.com/boom-power-sells-100-mw-of-two-solar-projects/" target="_blank" rel="noopener">completed</a> the sale of two solar projects totaling 110 MW in the U.K. to Enray Power, a solar and storage project developer. The sale includes Firsfield Solar, with an installed capacity of 71 MWp and an export capacity of up to 46.9 MWp, located in West Suffolk, and Osgodby Solar, with a capacity of 42.9 MWp, situated in North Yorkshire.
Headwater Energy, a utility-scale solar and energy storage development firm, <a href="https://mercomcapital.com/headwater-energy-secures-144-million-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> $144 million construction financing for its 112.5 MWdc Gum Swamp solar project in North Carolina, arranged by BridgePeak Energy Capital and funded in part by Pathward. The loan originated under Pathward’s energy lending program and a lender syndicate, with BridgePeak serving as the lender service provider.
Decarbonization solutions company ReNew Energy Global (ReNew) has <a href="https://www.mercomindia.com/renew-secures-331-million-from-adb-for-hybrid-renewable-energy-project" target="_blank" rel="noopener">secured</a> $331 million in debt funding from the Asian Development Bank (ADB) to support the development of a large-scale clean energy project in Andhra Pradesh. ReNew said the Andhra Pradesh clean energy project integrates 837 MW of wind and solar capacity with a 415 MWh battery energy storage system (BESS). It aims to deliver 300 MW of peak power as well as a dependable baseload supply.
Akaysha Energy, an energy storage project developer, <a href="https://mercomcapital.com/akaysha-energy-closes-299-million-1-2-gwh-battery-storage-project/" target="_blank" rel="noopener">secured</a> A$460 million (~$299 million) in project financing to fund construction of its Elaine battery energy storage system (BESS) in Victoria, Australia. With the closing of the financing, construction on the storage project has begun. A group of eight international and domestic banks, including BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Société Générale, provided the funding.
N-Sun Energy, a solar development platform created by Alantra Solar, <a href="https://mercomcapital.com/n-sun-energy-secures-408m-financing-275-mw-solar-portfolio/" target="_blank" rel="noopener">signed</a> a €355 million (~$408 million) green financing agreement with Intesa Sanpaolo, through its Italian subsidiary N-Sun Energy Advisors Italy 2. The funding provided by Intesa Sanpaolo will be used for the development and construction of a 275 MWp portfolio of five photovoltaic and agrivoltaics projects across Italy.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-goldenpeaks-secures-133-million-for-solar-portfolio/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.headwaterenergy.com/" target="_blank" rel="noopener">Headwater Energy</a>, a utility-scale solar and energy storage development firm, secured $144 million construction financing for its 112.5 MWdc Gum Swamp solar project in North Carolina, arranged by BridgePeak Energy Capital and funded in part by Pathward.
The loan originated under Pathward&#8217;s energy lending program and a lender syndicate, with BridgePeak serving as the lender service provider. The transaction forms part of BridgePeak&#8217;s wider plan to enable over $2 billion in energy project financing in 2025. The financing is expected to help Headwater accelerate its expansion in the Southeast, which already includes 177 MWdc of operational projects and a 2.8 GWdc development pipeline.
&#8220;BridgePeak is excited to support Headwater&#8217;s pipeline of energy projects that will generate low-cost electrons to power AI now and in the immediate future. Gum Swamp will be placed in service in just 18 months, illustrating the value of an &#8216;all of the above&#8217; energy policy,&#8221; said David Thigpen, President of BridgePeak.
&#8220;This financing marks an important milestone in Headwater&#8217;s continued growth and expansion as a long-term owner and operator of clean-energy assets,&#8221; said Michael Cohen, CEO of Headwater. &#8220;BridgePeak and Pathward have been exceptional partners whose support reflects the strength of our platform and our shared commitment to building reliable, scalable clean-energy infrastructure across the Southeast.&#8221;
Once operational, the Gum Swamp project is expected to produce clean electricity to power the equivalent of 17,000 North Carolina households annually.
Large-scale project funding in the first nine months of 2025 increased by 43% compared with the same period in 2024, according to Mercom&#8217;s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>.
In November, Enlight Renewable Energy, a developer of renewable energy projects, announced that its U.S. subsidiary, Clēnera Holdings, had <a href="https://cms.mercomindia.com/enlight-to-secure-around-150-million-for-the-quail-ranch-project/" target="_blank" rel="noopener">secured</a> nearly $150 million in tax equity financing for its Quail Ranch project in New Mexico. The Quail Ranch project, a co-located solar and energy storage facility with 128 MW of solar and 400 MWh of storage capacity, involves a total investment of $275 million.

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