Spruce Power expands portfolio: Distributed residential solar energy assets owner and operator Spruce Power Holding Corporation in the US has ventured into the home battery storage market. It has partnered with Treehouse, a software-enabled installation platform for electrification projects. Spruce Power says this is one of the fastest-growing sectors in clean energy, providing it with a new avenue of revenue and growth. The company plans to roll out a nationwide program to upgrade existing solar systems with energy storage. Spruce Power’s move into home storage comes in the wake of the elimination of the Section 25D investment tax credit (ITC) for residential solar by the end of 2025 under the One Big Beautiful Bill Act (OBBBA). The end of these credits before time is expected to cut residential solar capacity by 46% by 2030, according to Wood Mackenzie (see OBBBA Could Cut US Residential Solar Capacity By 46% By 2030).
150 MW solar and storage projects: EDF Power Solutions North America and El Paso Electric (EPE) have officially started operations at the Milagro Solar+Storage project in Doña Ana County, New Mexico. The 150 MW DC solar project is paired with a 75 MW/4-hour battery energy storage system (BESS). It will supply electricity to EPE under a 20-year PPA. The project, capable of powering around 60,000 average homes, aims to balance electricity generation and demand, enhance grid reliability, and reduce dependence on fossil fuels, stated EDF. It created 200 construction jobs during its peak construction phase and is expected to generate $18 million in tax revenue for the county over its lifespan.
Equity financing for Texas project: Enlight Renewable Energy’s US subsidiary, Clēnera Holdings, has closed 2 tax equity agreements for the 290 MW solar and 940 MWh storage Roadrunner Project near Tucson, Arizona. The deals with J.P. Morgan Chase Bank, M&T Bank, and First Citizens Bank provide around $340 million at COD, rising to $390 million when including pay-go contributions. Worth a total investment of $621 million, Roadrunner has begun test solar generation and aims for full operation by the end of 2025, projecting $50 million in 1st-year revenue and $40 million EBITDA. The project qualifies for PTC, ITC, and a 10% Energy Community Adder, under a 20-year PPA with Arizona Electric Power Cooperative.
Fermi America’s IPO: Fermi America has priced its initial public offering (IPO) of 32.5 million shares at $21 each, with an option for underwriters to purchase an additional 4.875 million shares. The company’s stock is trading on Nasdaq starting October 1, 2025, and will launch on the London Stock Exchange on October 2, 2025, under the ticker FRMI. The offering, expected to close on October 2, is managed by UBS, Evercore ISI, Cantor, Mizuho, and other bookrunners. Fermi America, co-founded by former US Energy Secretary Rick Perry and Toby Neugebauer, develops next-generation private electric grids combining nuclear, natural gas, solar, and battery storage to support large-scale artificial intelligence operations, according to the company’s website. The IPO proceeds will support its planned 11 GW AI campus in Texas that will host AI facilities powered by a mix of energy generation sources, including solar.