Arena’s portfolio covers both solar PV and battery energy storage systems (BESS), and the company claims to have a total development pipeline of 1GW. Headwater said that its acquisition would provide Arena “the investment capital needed” to build out its pipeline, and CEO Michal Cohen called the company’s work “an exceptional platform”.

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“With their capital and infrastructure behind us, we can move from development to placed-in-service assets faster, building with the same culture and values that have defined Arena from the start,” said Arena co-founder and CEO Matt Kozey.

The Arena portfolio will add to a 3.5GW development pipeline currently owned by Headwater. The company’s operational portfolio consists of 27 projects with a combined capacity of 206.2MW across five states, the largest of which is the 78.1MW Longbow Solar project in Texas, which started commercial operation in 2022.

The deal follows Arena’s sale of a 40MW solar portfolio in Illinois to fellow developer Summit Ridge Energy last May, at which time Arena said that its total pipeline sat at 800MW. The sale coincided with the publication of a report from Wood Mackenzie, which found that the share of third-party ownership (TPO) of non-residential projects in the US had increased from 69% to 72% between 2023 and 2024, highlighting the growing role of developers, such as Arena and Summit Ridge, in operating commercial solar assets.

Earlier this year, leading US tracker supplier GameChange Solar launched a distributed generation division to cater to the commercial and industrial (C&I) space in particular.

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