Renewable Energy Acquisitions in California

Zeo Energy Corp (Nasdaq: ZEO) completed its acquisition of Heliogen, Inc., combining Zeo’s residential solar and storage footprint with Heliogen’s concentrated solar and long-duration energy storage technology to create an integrated clean energy platform across residential, commercial, and utility markets. The merger closed on August 8, 2025; Pickering Energy Partners served as financial advisor to Heliogen during the strategic process.

LS Power has completed its acquisition of ENGIE Services U.S., which will operate under its legacy name OPTERRA Energy Services. The acquisition adds OPTERRA's energy-efficiency, renewables, storage, microgrid and operations capabilities — and nearly 300 staff — to LS Power's portfolio to expand its low-carbon and customer-facing energy solutions.

Empower Solar and Radix RDX LLC completed a merger to combine Empower's installation capabilities with Radix's sales organization. The combined business will operate under the Empower Solar name and expands Empower's installer footprint and service offerings into Arizona, including the Phoenix metro area.

Infinium has completed the acquisition of gas conversion specialist Greyrock Technology in conjunction with the first tranche close of its Series C preferred stock round led by Brookfield Asset Management. The deal expands Infinium’s portfolio of gas conversion technologies, proprietary catalysts and patents to support growth of its eFuels and advanced energy offerings.

Franklin Energy, a portfolio company of Abry Partners, acquired AESC (Alternative Energy Systems Consulting) and EVA Green Power to expand its clean energy engineering, consulting, and distributed energy capabilities. The add-on acquisitions broaden Franklin Energy’s capacity across energy efficiency, demand-side management, solar, storage, EV charging and EPC services, and bolster its integrated offerings for utilities, governments, and commercial & industrial clients.

St. Louis-based private equity firm Compass Group Equity Partners has made a strategic investment in Baja Carports (Baja Construction Co., Inc.), a California-based national designer, fabricator, and installer of solar-ready carports and RV canopies. The partnership will support Baja's growth initiatives, including location expansion and enhanced sales and marketing to scale operations across the U.S. and Puerto Rico.

Brookfield Asset Management, via the first vintage of its Brookfield Global Transition Fund (BGTF I), committed an initial $200+ million and up to $850 million in follow-on capital to Infinium to accelerate deployment of its ultra-low-carbon eFuels platform and Project Roadrunner in West Texas. The funding will include Brookfield leading Infinium's Series C preferred stock offering and supports scaling Infinium's eSAF, eDiesel and eNaphtha production to meet growing airline and industrial offtake demand.

Budderfly has acquired the distributed energy resource management system (DERMS) platform from Sunverge Energy, enabling Budderfly to aggregate distributed energy resources and build virtual power plants (VPPs). The acquisition includes Sunverge personnel joining Budderfly and expands Budderfly's capabilities to offer end-to-end VPP services to commercial customers and utilities, supporting grid flexibility and new revenue streams.

KKR-backed funds and accounts managed by KKR have acquired a majority equity interest in Avantus, a U.S. developer of utility-scale solar and solar-plus-storage projects. Coinciding with the close, Avantus secured a $522 million development facility arranged by KKR Capital Markets and SMBC to accelerate deployment of its more than 30 GWdc solar and 94 GWh storage pipeline across the Western United States.

Sevana Bioenergy has acquired the Rialto Bioenergy Facility in Rialto, California (the largest organic waste-to-energy facility in North America), strengthening Sevana's West Coast RNG footprint and enabling the facility's ramp-up to produce carbon-negative renewable natural gas. The facility had previously been associated with Anaergia/Rialto Bioenergy Solutions and was sold amid restructuring; reports indicate the sale was completed for approximately $20 million.

Clean Energy Fuels Corp. invested $10 million in Rimere to accelerate development and field testing of Rimere's Reformer and Mitigator devices, which produce clean hydrogen and reduce fugitive methane emissions using proprietary plasma technology. The strategic investment strengthens Clean Energy's capabilities in decarbonizing natural gas infrastructure and advancing RNG-to-hydrogen solutions.

Sunstone Credit, a commercial solar financing platform, has acquired ORKA Finance, a technology-enabled lender for commercial solar projects. The acquisition brings ORKA's contractor relationships and lending technology into Sunstone's platform to expand access to loan financing for businesses and nonprofits across the United States.

Mars Equity Partners and affiliated Mars Energy Group (via platform NewGen Energy) have acquired K12 Energy (also referred to as K12 Solar), a El Dorado Hills, California provider of commercial solar solutions and Power Purchase Agreement (PPA) financing for nonprofits, schools and small commercial customers. The deal integrates K12 into Mars Energy's portfolio to expand commercial solar capabilities and nonprofit/school PPA expertise as an add-on to the group's NewGen Energy platform.

Solo, a Lehi, Utah-based provider of solar sales and design software, has acquired SolarNexus, a San Francisco-based solar customer-relationship and business management software provider. The acquisition will integrate SolarNexus' CRM and operations capabilities into Solo's platform to expand product capabilities and accelerate innovation for solar installers, EPC partners and sales teams.

Mars Equity Partners made a strategic (growth) investment in A2B Development (dba NewGen Energy) on December 21, 2022. Generational Equity advised NewGen Energy; the investment will help scale the Loomis, California-based alternative energy provider that offers solar PV, energy storage and backup power solutions for agricultural, commercial/industrial and residential customers.

Longroad Energy has acquired the 98 MWdc Titan Solar project in Imperial County, California from Sunpin Holdings. Great Bay Renewables provided a royalty investment to finance the deal and Morgan Stanley acted as the tax equity investor; Longroad said the acquisition expands its footprint in the CAISO market and grows its operating solar portfolio.

Complete Solar and Solaria completed a merger to form Complete Solaria, a vertically integrated residential solar company combining manufacturing, distribution, installation, financing and software capabilities. The combined business is expected to generate approximately $120 million in 2022 (with further growth projected), and the company has announced a planned business combination with SPAC Freedom Acquisition I Corp. to provide public-market financing.

Wafra Inc. has acquired a controlling interest in Mission Clean Energy LLC, a U.S.-based utility-scale renewable energy and storage developer, with Aggregate Power Infrastructure LLC investing alongside. The investment will be used to accelerate delivery and expansion of Mission's ~3 GW solar and battery storage development pipeline across North America.

American Airlines announced a strategic equity investment in Universal Hydrogen, a Los Angeles–based company building a green hydrogen distribution and logistics network for aviation. The investment supports American's greenhouse gas reduction targets and backs Universal Hydrogen's modular hydrogen capsule logistics approach, which aims to begin deliveries for regional aircraft in 2025. American joins existing strategic investors including Airbus Ventures, GE Aviation and Toyota Ventures.

The Sustainable Investing business of Goldman Sachs Asset Management and Cleanhill Partners have acquired a majority stake in EPC Power Corp. through a comprehensive recapitalization to support the company's expansion of U.S. manufacturing capacity and growth into utility-scale renewable energy storage and related markets. EPC Power, a Poway, California-based designer and manufacturer of American-made smart inverters, employs ~180 people and operates additional engineering/sales offices in Helsinki to serve global customers.

Astra Energy Inc. entered into definitive agreements to acquire Regreen Technologies Inc., a California-based developer of a "Total Waste to Energy" system founded by Albert Mardikian. Astra will deploy the technology globally via its wholly owned subsidiary Astra Energy California Inc., with a pilot project planned in California and the stated goal of creating material recovery facilities with up to 95% landfill diversion.

Energy investor ECP (Energy Capital Partners) has acquired Metrus Energy, a San Francisco–based Energy-as-a-Service (EaaS) and building efficiency finance platform. The acquisition will keep Metrus' existing management in place and is intended to accelerate the company’s expansion into new markets and product offerings such as distributed solar, energy storage and EV charging.

Veregy has acquired Enpowered Energy Solutions to expand its industrial energy engineering, controls, and real-time energy management capabilities. The deal augments Veregy’s end-to-end decarbonization and renewable offerings for manufacturers and other industrial customers in North America.

Global investment firm Carlyle made a strategic growth investment in Complete Solar, a San Ramon–headquartered, technology-enabled residential solar platform that serves customers across 23 states through a national network of channel partners. Carlyle’s investment will support Complete Solar’s expansion into adjacent markets and products and accelerate deployment of its Helio software platform to improve homeowner and partner experiences.

SparkCognition has acquired Ensemble Energy to integrate the latter’s renewable-energy software and domain expertise into SparkCognition’s AI platform, creating an AI-enabled asset management offering for wind, solar and energy storage. The acquisition expands SparkCognition’s capabilities in renewable asset performance management to help operators reduce costs and increase production.

Catalyze has acquired Los Angeles-based solar developer and installer PermaCity, expanding Catalyze’s commercial & industrial (C&I) project pipeline to more than 2 gigawatts and strengthening its presence in the California rooftop solar market. The deal gives Catalyze access to PermaCity’s proprietary SolarStrap rooftop mounting technology and an experienced C&I installation team; PermaCity will operate as a business unit led by founder Jonathan Port.

Nuvve Holding Corp. completed a business combination with Newborn Acquisition Corp., enabling Nuvve to begin trading on the Nasdaq under the ticker NVVE. The transaction provided Nuvve approximately $62 million in cash proceeds (including a related private placement) to accelerate development and commercial deployment of its vehicle-to-grid (V2G) technology and related services.

NovaSource Power Services, a portfolio company of Clairvest Group Inc., has merged with SunSystem Technology (SST); the combined business will operate under the NovaSource brand. The transaction brings together field technicians and operations to expand nationwide renewable O&M coverage (the combined group has ~550 field technicians) and positions Derek Chase (CEO of SST) to lead NovaSource's Distributed Generation O&M business.

Sigora Solar acquired Rancho Cordova-based Aztec Solar in a strategic move to expand its geographic footprint into California, increasing its service territory to cover over half of the U.S. population. Aztec Solar will continue day-to-day operations while gradually integrating into Sigora's back-end systems and technology platform.

Sunrun acquired Clean Energy Experts (CEE), a North American consumer demand-generation and lead provider for the residential solar industry. CEE will operate as a subsidiary under its existing brand and continue providing leads to Sunrun and other solar companies, with CEE co-founders remaining in operational roles.