Five Arizona projects on one 1-GW interconnection. The grid slot is the scarce asset; everything else gets built around it.

• Clēnera signed a ~$2.6B debt framework with seven banks for five projects on one 1-GW interconnection: 1.2 GW solar, 4.0 GWh storage. Total investment runs $2.9B–$3.05B ($1.705B term debt, ~$1.5B tax equity).

• All five are on 20-year deals with Salt River Project and Arizona Public Service. Operations phase in H2 2027–H1 2028; Enlight guides first-year revenue to $250M–$260M and EBITDA to $205M–$210M.

• A conditional $17.5B commitment buys the worst-lead-time reactor components for up to five projects of two AP1000s each — ten 1.1-GW units, ~11 GW.

• Each project posts $1B of equity (half Westinghouse, half partner) before drawing. Seven LOIs signed, sites undisclosed, conditions still apply. This isn’t five FIDs.

• Vår and partners sanctioned Gjøa Nord, Ofelia and Cerisa — about NOK 14B ($1.4B) for 76 MMboe. All tie back to the existing Gjøa host, so no new platform: breakeven below $35/boe, IRR over 25%.

• Cerisa starts in 2027, the other two in 2028. Partners include Harbour, OKEA, Aker BP, DNO, INPEX, Orlen, Pandion and Petoro.

• The eighth Texas Energy Fund loan backs two gas units at Vistra’s Permian Basin Power Plant in Ward County, adding 860 MW (325 → 1,185 MW). Power to ERCOT in 2028; terms undisclosed.

• Five more applications sit in the queue — another 2,356 MW of proposed dispatchable capacity.

• Quantum-backed Trace is building the Apollo Gas Plant in Eddy County, NM: 250 MMcf/d of cryogenic processing plus 36 miles of pipe and two compressor stations, on long-term contracts. In service Q4 2027.

• Trace’s first move into processing. The finished system spans 200+ miles of pipe and 800+ MMcf/d of capacity. Capex undisclosed.

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