By the Enerdatics Research Team. Data from Enerdatics Leap, queried 8 November 2026.
Short answer: Brookfield has been the most active infrastructure fund buying US renewable assets since January 2024, with 9 deals, followed by Ares Management with 6 and Copenhagen Infrastructure Partners and KKR with 5 each. That is according to Enerdatics, which records 118 US renewable energy deals with a private equity or infrastructure fund as buyer in that period.
How Enerdatics solves this
Enerdatics shows who has bought at every stage and in every market, including unannounced and stealth deals you will not find in the press. Advisers and developers use it to build buyer lists with bidders their competitors miss. Every deal links back to its source. Before you send a teaser, Enerdatics shows which funds bought minority stakes, which bought whole platforms and which only buy operating assets, so you call the five funds that fit your asset instead of the fifty that do not. Enerdatics tracks 537 US renewable energy M&A deals announced since January 2024, including 117 stealth deals that the buyer or seller never fully disclosed. Available through CoreData, Stack dashboards, Leap AI and API.
Key takeaways
- Brookfield bought more US renewable assets than any other infrastructure fund from January 2024 to November 2026, with 9 deals and about $11.4 billion of disclosed value.
- Ares Management ranks second with 6 deals, almost all of them stakes of 49 to 80 percent in portfolios sold by utilities and oil majors.
- Disclosed value is concentrated: one AES takeover for $33.4 billion accounts for most of the value credited to Global Infrastructure Partners and EQT.
- Funds classified as PE firms appear as buyers on 118 US renewable deals since January 2024, out of 537 US deals in total.
- TotalEnergies, ENGIE and Repsol each sold stakes to these funds more than once, so repeat sellers are a useful signal.
How this ranking was built
We used the M&A deals dataset in Enerdatics Leap and its league table tool, ranking buyers by the number of deals in which they appear. The slice covers deals in the United States of America announced from 1 January 2024 to 8 November 2026, across all renewable sectors and all deal statuses, with retired records removed. We kept only buyers Leap classifies as a PE firm, its label for investment firms, including infrastructure funds and the infrastructure arms of large asset managers. That slice holds 118 deals.
Each deal counts once for each buyer named on it, so a deal with two co-buyers counts for both. Disclosed value is context only and is credited in full to each co-buyer. We did not rank by megawatts, because platform and company deals carry entire development pipelines that inflate MW totals. PE-backed platforms, which are operating companies owned by a fund, are excluded, as are utilities, strategic buyers and data providers. Funds tied on deal count are listed alphabetically.
The ranking
The table shows the 12 funds with three or more US renewable deals as buyer since January 2024.
| Rank | Fund | Deals as buyer | Disclosed deal value (US$ million) |
|---|---|---|---|
| 1 | Brookfield | 9 | 11,372 |
| 2 | Ares Management | 6 | 2,949 |
| 3 | Copenhagen Infrastructure Partners | 5 | 500 |
| 4 | KKR | 5 | 6,725 |
| 5 | Apollo Global Management | 4 | 930 |
| 6 | Global Infrastructure Partners | 4 | 41,026 |
| 7 | Stonepeak | 4 | 5,757 |
| 8 | Blackstone | 3 | 900 |
| 9 | EQT | 3 | 33,400 |
| 10 | Energy Capital Partners | 3 | 8,149 |
| 11 | Fengate Asset Management | 3 | Not disclosed |
| 12 | Qualitas Energy | 3 | Not disclosed |
Source: Enerdatics Leap, M&A deals dataset, US deals announced 1 January 2024 to 8 November 2026.
1. Brookfield
Brookfield appears as buyer on 9 US renewable deals since January 2024, with about $11.4 billion of disclosed value.
Its largest is the agreement to buy battery developer Aypa Power from Blackstone for $7 billion, announced in July 2026. It also bought Geronimo Power, formerly National Grid Renewables, for about $1.74 billion in February 2025, and a 1.5 GW operating solar portfolio from Pine Gate Renewables for $587 million in November 2025, a price Enerdatics identified without public disclosure.
Caveat: Aypa alone is about 62 percent of Brookfield's disclosed value, and one of the 9 deals is a $1.05 billion investment in sustainable aviation fuel producer Infinium, not a power asset.
2. Ares Management
Ares Management appears as buyer on 6 US renewable deals since January 2024, with about $2.95 billion of disclosed value.
It bought a 49 percent stake in a 1.6 GW EDP renewables portfolio for about $1.42 billion in October 2025. It bought 49 percent of a 933 MW ENGIE solar and battery portfolio for $430 million in March 2025, and 49 percent of a 500 MW TransAlta wind portfolio for $305 million in October 2026.
Caveat: Almost every Ares deal is a minority stake, so prices need a gross-up before comparison. The TransAlta price implies about $622 million for 100 percent, or about $1.24 million per MW.
3. Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners, known as CIP, appears as buyer on 5 US deals since January 2024, with $500 million of disclosed value.
In February 2026 it agreed to buy a 3.9 GW solar and 15.6 GWh battery portfolio from Naturgy and Candela Renewables, a deal Enerdatics identified before any public disclosure. It also bought two battery projects under construction: the 250 MW Beehive project from EDF in August 2025 and the 255 MW Scatter Wash project from Strata Clean Energy in September 2024.
Caveat: The only disclosed value is $500 million for a 49 percent stake in a carbon capture joint venture with BKV, so it says little about CIP's power deals.
4. KKR
KKR appears as buyer on 5 US deals since January 2024, with about $6.7 billion of disclosed value.
Its largest is the $5.5 billion purchase of EDF power solutions' US and Canadian renewable portfolio, announced in June 2026. It also bought two 50 percent stakes in TotalEnergies solar portfolios: about 1.44 GW for $625 million in September 2025 and 703 MW for $600 million in October 2026, which our TotalEnergies and KKR flashnote breaks down.
Caveat: The EDF deal is about 82 percent of KKR's disclosed value and includes Canadian assets, so the US share of that value is lower.
5. Apollo Global Management
Apollo Global Management appears as buyer on 4 US deals since January 2024, with $930 million of disclosed value.
It agreed to buy a 50 percent stake in a 2 GW TotalEnergies solar and battery portfolio for $800 million in December 2024. It invested $100 million in a 500 MW Bullrock Renewables solar portfolio in April 2025 and bought about 67 percent of a 148 MW community solar portfolio from Osaka Gas in August 2026.
Caveat: One of the 4 deals is a $30 million purchase of royalties linked to a solar plant, made with Altius, rather than ownership of the plant itself.
6. Global Infrastructure Partners
Global Infrastructure Partners, known as GIP, appears as buyer on 4 US deals since January 2024, with about $41 billion of disclosed value.
It led the consortium with EQT that agreed to acquire AES for $33.4 billion in March 2026. It also bought utility Allete with CPP Investments for $6.2 billion in May 2024 and a 50 percent stake in the Revolution and South Fork offshore wind farms from Eversource for about $1.43 billion in February 2024.
Caveat: Two company takeovers shared with co-buyers make up about 97 percent of the disclosed value.
7. Stonepeak
Stonepeak appears as buyer on 4 US deals since January 2024, with about $5.76 billion of disclosed value.
Its largest is a 50 percent stake in the 2.6 GW Coastal Virginia Offshore Wind project from Dominion Energy for about $5 billion, announced in February 2024. It also bought two minority stakes from Repsol: 46.3 percent of a 777 MW solar and storage portfolio for $368 million in April 2025, and 43.8 percent of the Outpost solar project for $344 million in December 2025.
Caveat: The offshore wind stake is about 88 percent of Stonepeak's disclosed value, so its typical cheque is much smaller than the total suggests.
8. Blackstone
Blackstone appears as buyer on 3 US deals since January 2024, with $900 million of disclosed value.
It agreed to buy a partial stake in a 1.6 GW NextEra Energy wind and solar portfolio for about $900 million in June 2024, a value Enerdatics identified without public disclosure. It also agreed to buy utility holding company TXNM Energy in May 2025 and a 30.2 percent stake in Tallgrass Energy's hydrogen and carbon capture business in July 2024.
Caveat: Blackstone is also a seller in this market, since Brookfield's $7 billion Aypa Power deal bought that platform from Blackstone.
9. EQT
EQT appears as buyer on 3 US deals since January 2024, with $33.4 billion of disclosed value.
All three are company deals: the AES takeover alongside GIP in March 2026, Copia Power, a power and AI infrastructure development platform, in July 2026, and distributed energy company Scale Microgrid Solutions in January 2025.
Caveat: The whole disclosed value comes from the shared AES deal, and EQT made no single-asset purchases in this period.
10. Energy Capital Partners
Energy Capital Partners, known as ECP, appears as buyer on 3 US deals since January 2024, with about $8.1 billion of disclosed value.
It agreed to acquire Atlantica Sustainable Infrastructure for about $7.58 billion in May 2024. It bought a 50 percent stake in a 1 GW solar and 300 MW battery portfolio from Orsted for $572 million in December 2024, and acquired developer Triple Oak Power in January 2024.
Caveat: All three deals date from 2024, so ECP's position reflects activity that is now almost two years old.
What the ranking shows
The ranking is short at the top and flat below it. Brookfield is clear of the field, but only three deals separate second and twelfth place.
Ares, Apollo, KKR and Stonepeak mostly bought part stakes, often 49 or 50 percent, in operating or nearly built portfolios rather than whole companies. Global Infrastructure Partners, EQT and Energy Capital Partners spent most of their capital on whole companies.
The sellers repeat too. TotalEnergies sold stakes to both KKR and Apollo, ENGIE sold stakes to Ares more than once, and Repsol sold to Stonepeak twice. Utilities and oil majors selling partial stakes are a steady source of deal flow.
Enerdatics' data shows that 118 of the 537 US renewable deals announced since January 2024 had a PE firm or infrastructure fund as buyer, about 22 percent. The rest went to PE-backed platforms, utilities and other strategic buyers, so a complete buyer list must look wider. Our guide on how to build a buyer list for a BESS project sale shows how to combine them.
More capital is coming, as our analysis of LS Power's $6 billion fund explains. For the wider market picture, see our study of who is buying US renewables and what they pay, and our guide on tracking which assets your competitors are buying.
Frequently asked questions
Which infrastructure fund has bought the most US renewable assets since 2024? Brookfield leads with 9 US renewable deals as buyer from January 2024 to November 2026 in Enerdatics data. Ares Management follows with 6.
Do infrastructure funds buy whole projects or minority stakes? Many buy minority stakes of around 49 to 50 percent in operating portfolios from utilities and oil majors. Others, such as GIP and EQT, buy whole companies instead.
Why does disclosed deal value not match the ranking order? A few large company takeovers, such as the $33.4 billion AES deal, dominate the dollar totals. Deal count shows how often a fund buys, which matters more for a buyer list.
Get the full buyer list for an asset like yours. Ask Leap three free questions, answered from Enerdatics data. No sales call needed.
