Acquisition Accelerates Distributed Solar and Battery Storage Development, Strengthens Capital Access for Arena Platform

LOS ANGELES and WASHINGTON, April 23, 2026 /PRNewswire/ — Headwater Energy (“Headwater”) today announced it has completed the acquisition of Arena Renewables (“Arena”), a leading distributed generation solar and battery energy storage system (BESS) developer. Arena’s leadership team will continue to operate the business, supported by Headwater’s capital resources and institutional infrastructure.

The acquisition leverages Arena’s proven development capabilities and near 1 GW project pipeline with Headwater’s financing capabilities and operational platform, positioning both companies to scale more rapidly across their respective target markets in 2026 and beyond.

The transaction is expected to deliver meaningful strategic and operational benefits to both organizations. The acquisition provides Arena with the investment capital needed to execute confidently on its current strategy and to pursue continued growth. Through Headwater’s financing and construction teams, Arena gains enhanced access to construction financing, tax equity, and related capital solutions, shortening timelines from development to placed-in-service assets.

“Arena has built an exceptional platform: disciplined development, a talented team, and a compelling pipeline across solar and storage,” said Michael Cohen, CEO of Headwater Energy. “We have followed Arena closely, and we share a deep conviction in the strategy they’ve built. We couldn’t be more excited to support the team as they continue to grow.”

“Headwater knows our team, our strategy, and our execution track record,” said Matt Kozey, Co-Founder and CEO of Arena Renewables. “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.”

About Arena Renewables

Arena Renewables is a community and distributed solar and storage developer. Arena delivers lower power bills and clean energy to customers and communities across the United States. Arena’s agile, policy-led approach to developing valuable projects draws on the leadership team’s deep industry expertise. Founded in July 2023, Arena Renewables has built a pipeline of nearly 1 GW in select markets across the United States. More information about Arena Renewables can be found at www.arenarenewables.com.

About Headwater Energy

Headwater Energy is a leading force in America’s renewable energy transition, with over 3.5GW of active solar development and a substantial portfolio of operating solar projects. Headwater’s mission is driven by a relentless commitment to advancing renewable energy through expertise, integrity, and a results-focused approach. Its team of seasoned industry veterans and passionate professionals brings a no-nonsense, zero-ego attitude to every project, transforming innovative ideas into impactful renewable energy.