SUNYA SCOOP

Stone Ridge buys Wincoram

April 22, 2025

Stone Ridge acquires Wincoram to scale $7B+ energy asset strategy

Deal adds 10+ GW of experience to a portfolio targeting energy efficiency and gas monetization.

  • Stone Ridge and Wincoram have jointly deployed $7B into 10+ GW of energy assets

  • Acquisition strengthens Stone Ridge’s financial and operational capabilities

  • Follows NYDIG’s recent buy of Crusoe’s bitcoin mining business with a focus on flare mitigation

  • Combined strategy aims to monetize stranded gas and cut energy waste

  • Move positions Stone Ridge to reshape U.S. energy efficiency and digital infrastructure

Microsoft signs 1.4M tonne reforestation carbon removal deal with Living Carbon

Restoring 25,000 acres of Appalachian mine lands into climate-positive forests.

  • 1.4M tonnes of CDR credits from U.S. reforestation projects

  • Targets degraded former coal mine lands in Appalachia

  • Verified by Isometric’s science-led Reforestation Protocol

  • Project brings biodiversity, water, and job benefits to rural communities

  • Living Carbon backed by Temasek, Toyota Ventures; aims to scale nationwide

Exowatt closes $70M Series A to scale 24/7 solar heat-to-power system

Modular P3 tech draws 90 GWh backlog as AI data center demand surges.

  • $35M equity (led by Felicis) + $35M debt (HSBC); total funding now $90M

  • Additional investors include Andreessen Horowitz, 8090 Industries, Starwood Capital, Thrive Capital and others.

  • P3 captures and stores solar heat, then converts to electricity

  • Tailored for 24/7 commercial energy loads—especially data centers

  • U.S. deployments begin in 2025; data center power demand expected to 2.5x by 2030

Caban raises $50M to expand Energy-as-a-Service model

Backed by Ember Infrastructure, Caban scales sustainable power for telecoms and infra clients.

  • $50M equity round supports deployment across 12+ countries

  • Targets fossil-fuel dependent industries in LATAM, the Caribbean, and U.S.

  • Offers turnkey clean energy systems with zero upfront capex for clients

  • Combining hardware, software, service, and financing for reliable clean power

Google signs first offshore wind deal in Asia-Pacific, expanding Taiwan energy portfolio

New PPA with CIP’s Fengmiao I wind project boosts regional 24/7 carbon-free energy goal.

  • First corporate buyer from Taiwan’s Round 3.1 auction

  • Project to power Google’s data centers and cloud ops by 2027

  • Builds on solar and geothermal purchases in Taiwan

  • Accelerates Google's push toward global 24/7 clean energy coverage

China’s CNOOC inks LNG deal with UAE’s ADNOC amid U.S. tariff standoff

New 5-year agreement bypasses U.S. gas as trade tensions reshape global LNG flows.

  • CNOOC signs 5-year LNG deal for 500K tonnes/year from ADNOC starting in 2026

  • Joins ENN (15-year, 1M tonnes/year starting 2028) and Zhenhua Oil in sourcing UAE LNG

  • China imported zero U.S. LNG in March, per Kpler and LSEG data

  • Trade war pushes Chinese firms to offload U.S. cargoes and avoid new U.S. contracts

  • U.S. accounted for 5% of China’s LNG imports in 2024

Crescent Energy sells Permian non-op assets for $83M to cut debt

Part of $250M divestiture strategy to streamline and deleverage portfolio.

  • 3 Mboe/d (35% oil) asset sold in Reeves County, TX

  • Proceeds used to pay down revolving credit facility

  • Sale effective Dec. 31, 2024; full 2025 guidance to follow Q1 earnings

  • CEO Rockecharlie says deal boosts capital efficiency and core focus

Devon Energy launches plan to unlock $1B in annual FCF by 2026

New optimization plan focuses on production uplift, capital discipline, and cost cuts.

  • Targets $1B pre-tax FCF uplift by year-end 2026

  • ~$300M expected by end of 2025

  • Strategy includes base production gains, better midstream terms, and leaner operations

  • CEO Clay Gaspar frames it as a return-focused strategy in a volatile market

  • More details expected during Q1 2025 earnings call on May 7

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.