Renewable Energy Acquisitions in Texas
Texas Renewable M&A: What’s Changing
Texas renewable energy deal activity across 2020–2025 spans multiple parts of the value chain—from project development and operating assets to financing platforms, technology, and enabling infrastructure.
Across the transactions, acquirers in Texas are frequently adding operational capability (such as utility-scale wind/solar ownership), expanding development pipelines, or bringing in specific technologies and know-how. Several deals also reflect cross-purpose infrastructure building, including grid-scale storage, modular hydrogen refueling and storage, and pathways toward sustainable aviation fuel (SAF).
Notable buyer themes include platform-builders and infrastructure investors (for example, H.I.G. Infrastructure / H.I.G. Capital, ArcLight Capital Partners via SkyVest Renewables, and Matrix Renewables) alongside strategic operators and venture arms. Targets range from late-stage solar projects and grid/storage developers to rooftop solar portfolios and renewable ethanol/SAF-focused technology.
What Stands Out
- Texas-based siting and operations show up repeatedly, from the Midland Basin (operating wind) to solar development projects in Bell County and growth/expansion across U.S. deployment footprints.
- Buyers often pursue capability upgrades: adding installation and sales (solar EPC/sales), storage development/operator capacity, modular hydrogen refueling know-how, or SAF-related pretreatment technology.
- Deal focus extends beyond generation—into distribution, staffing/expansion enabling finance, and project-to-operations execution (e.g., growth financing and rooftop subscription models).
- Strategic technology routes appear in Texas renewables M&A, including renewable ethanol/SAF development (e.g., Southwest Airlines Co. / Southwest Airlines Renewable Ventures LLC (SARV) with SAFFiRE Renewables).
- Several transactions involve platform consolidation or expansion using controlling-interest acquisitions and growth capital (including Enbridge Inc. acquiring a large wind/solar development portfolio and team).
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December 17, 2025
- Buyer
- The Awareness Group (TAG)
- Target
- Prosper Energy
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Buyout
The Awareness Group (TAG) has completed the acquisition of Prosper Energy, a solar EPC and sales organization with operations across 42 states. The deal adds national installation and sales capabilities to TAG's TAG GRID financing platform to accelerate deployments and improve project velocity; financial terms were not disclosed.
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August 14, 2025
- Buyer
- Conestoga Energy
- Target
- SAFFiRE Renewables, LLC
- Seller
- Southwest Airlines Renewable Ventures LLC
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Buyout
Conestoga Energy has acquired SAFFiRE Renewables, LLC from Southwest Airlines Renewable Ventures LLC, obtaining SAFFiRE’s IP, certain technologies, a proposed pilot production facility, and key technical staff. The acquisition gives Conestoga access to SAFFiRE’s DMR pretreatment technology to produce ultra-low carbon intensity ethanol for sustainable aviation fuel (SAF) and supports plans for a co-located pilot in Liberal, Kansas and future commercial-scale production.
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- Buyer
- H.I.G. Infrastructure, H.I.G. Capital
- Target
- Greenflash Infrastructure, LP
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Buyout
An affiliate of H.I.G. Capital (H.I.G. Infrastructure) has acquired a controlling interest in Greenflash Infrastructure, LP, a Houston-based developer and operator of grid-scale energy storage and power generation projects. The investment will provide capital and operational support to accelerate Greenflash's pipeline of brownfield and greenfield energy storage and controllable load projects serving utilities and municipal cooperatives.
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August 22, 2024
- Buyer
- Phoenix Merchant Partners, Caydan Capital Partners
- Target
- HCT Renewable Energy
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Growth capital
HCT Renewable Energy closed $13 million in growth financing through an asset-based facility provided by Phoenix Merchant Partners and Caydan Capital Partners. The capital will be used to accelerate HCT’s expansion in the solar energy staffing market, supporting its work connecting utility-scale solar construction companies with skilled labor across the United States.
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- Buyer
- Celly H2 LLC
- Target
- Chemtec New Energies (CNE)
- Seller
- Chemtec Energy Services LLC
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Divestiture
Celly H2 LLC has acquired Chemtec New Energies (CNE), a renewable-energy focused division of Chemtec Energy Services LLC, to expand its hydrogen fueling and storage infrastructure capabilities. The deal brings CNE's modular refueling and storage expertise into Celly's portfolio to accelerate deployment of modular advanced hydrogen refueling stations (MAHRS) for municipalities, transit authorities, fleets, industrial users and ports.
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- Buyer
- ArcLight Capital Partners, SkyVest Renewables
- Target
- 160 MW operating wind farm (Midland Basin, Texas)
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Addon
ArcLight Capital Partners launched SkyVest Renewables, an operating-focused renewables platform, with an initial $500 million capital commitment and concurrently acquired a 160 MW operating wind farm in the Midland Basin, Texas (commercial operations 2020). SkyVest will operate and optimize utility-scale wind and solar assets across North America, leveraging ArcLight's operational resources to drive near-term cash flow and brownfield development.
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March 28, 2024
- Buyer
- Southwest Airlines Co., Southwest Airlines Renewable Ventures LLC (SARV)
- Target
- SAFFiRE Renewables LLC
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Buyout
Southwest Airlines Co., through its wholly owned subsidiary Southwest Airlines Renewable Ventures LLC (SARV), has acquired SAFFiRE Renewables LLC to secure exclusive technology and advance development of scalable renewable ethanol that can be converted into sustainable aviation fuel (SAF). The acquisition moves Southwest from investor to sole owner of SAFFiRE and supports a pilot plant using SAFFiRE's NREL-licensed technology to process corn stover into renewable ethanol, with planned conversion to SAF by LanzaJet.
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November 17, 2023
- Buyer
- Amara NZero
- Target
- SUNRGY SOLAR DISTRIBUTION
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Buyout
Amara NZero, a Madrid-based renewable energy company, has acquired SUNRGY SOLAR DISTRIBUTION, a U.S.-based solar products distributor. The acquisition is intended to strengthen Amara NZero's presence in the United States and expand SUNRGY's product offering and market reach across residential, commercial and utility-scale clients.
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- Buyer
- Matrix Renewables
- Target
- Stillhouse Solar Project
- Seller
- OCI Solar Power
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Divestiture
Matrix Renewables, the TPG Rise-backed renewable energy platform, has acquired the Stillhouse Solar Project, a late-stage 284 MWdc solar development in Bell County, Texas, from OCI Solar Power. Matrix plans to complete power offtake, procurement and financing with construction slated for 2024 and commercial operations expected in 2025.
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November 30, 2022
- Buyer
- EnCap Investments L.P., Bleutec management (co-investors)
- Target
- Bleutec Industries LLC
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Growth capital
EnCap Investments (via its EnCap Energy Transition platform) has made a significant equity commitment to Bleutec Industries, a Houston-based builder, owner and operator of Jones Act‑compliant offshore wind turbine installation vessels. Bleutec management is co-investing alongside EnCap to accelerate development of its Binary Marine Installation Solution (BMIS) and build out Jones Act vessels to support U.S. offshore wind projects.
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September 29, 2022
- Buyer
- Enbridge Inc.
- Target
- Tri Global Energy
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Buyout
Enbridge Inc. acquired U.S. renewable project developer Tri Global Energy for US$270 million in cash plus assumed debt, with up to ~US$50 million in contingent payments. The purchase brings TGE’s ~7 GW wind and solar development portfolio and its development team into Enbridge’s renewables platform to accelerate North American growth in wind and solar.
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September 12, 2022
- Buyer
- XL Fleet Corp.
- Target
- Spruce Power
- Seller
- Funds managed by HPS Investment Partners, LLC
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Buyout
XL Fleet Corp. completed the acquisition of Spruce Power from funds managed by HPS Investment Partners for approximately $58 million in cash and the assumption of roughly $542 million of debt. Spruce Power, headquartered in Houston, Texas, is a leading owner-operator of residential rooftop solar systems with more than 52,000 subscribers and ~110 employees; the deal is central to XL Fleet's strategy to become a provider of subscription-based rooftop solar, battery storage and EV charging solutions.
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April 27, 2022
- Buyer
- TotalEnergies
- Target
- Core Solar, LLC
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Buyout
TotalEnergies has acquired Austin-based Core Solar, LLC, adding more than 4 GW of utility-scale solar and energy storage projects across multiple U.S. states to its U.S. renewables portfolio. Core Solar’s CEO Greg Nelson and his employees will join TotalEnergies as the acquisition strengthens TotalEnergies’ U.S. pipeline and advances its renewable capacity goals.
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- Buyer
- Genesis Park, GEC
- Target
- Freedom Solar
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Growth capital
Houston-based investment firms Genesis Park and GEC have taken equity positions in Austin-headquartered Freedom Solar, providing growth capital to support the company's aggressive expansion across Texas, into Colorado and beyond. The partners bring renewable-energy experience and financial backing while Freedom Solar's existing management team remains in place to continue scaling residential and commercial turnkey solar and battery-backup installations.
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October 22, 2020
- Buyer
- SER Capital Partners, LLC
- Target
- Three project companies from HGP
- Seller
- HGP
- Industry
- Renewable Energy
- Location
- Texas, United States
- Type
- Buyout
SER Capital Partners acquired three project companies from Texas-based developer HGP in September 2020 to deploy battery storage projects across Texas. As part of the investment SER entered a strategic equipment arrangement with LG Chem and committed approximately $70 million of equity to support deployment and grid resiliency efforts.
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Frequently Asked Questions
What renewable sub-sectors are covered in Texas acquisitions here?
Solar (projects and distribution), wind (development and operating assets), grid-scale energy storage and controllable load, hydrogen fueling and storage infrastructure, rooftop solar subscription models, and offshore wind installation vessels are represented in the listed deals.
Which Texas deals involve SAF or renewable ethanol technology?
Southwest Airlines Co. (via Southwest Airlines Renewable Ventures LLC (SARV)) acquired SAFFiRE Renewables for renewable ethanol technology intended for conversion to sustainable aviation fuel (SAF). The Awareness Group (TAG) also acquired Prosper Energy, a solar EPC and sales organization, though that deal is not framed as SAF-related in the provided facts.
Do the transactions include both development-stage and operating assets?
Yes. Examples include a late-stage development project (e.g., Matrix Renewables acquiring the Stillhouse Solar Project) and an operating wind farm in the Midland Basin acquired by ArcLight Capital Partners / SkyVest Renewables.
Who are some recurring buyers in these Texas renewable acquisitions?
Recurring names across 2020–2025 include H.I.G. Infrastructure, H.I.G. Capital, Conestoga Energy, Matrix Renewables, ArcLight Capital Partners (via SkyVest Renewables), and Southwest Airlines Co. (via SARV).