Utility-Scale Solar Developers
Developers and owners of utility-scale ground-mount solar farms.
Market snapshot
These figures describe Solar Energy Development & Generation (7.8.9), the segment that Utility-Scale Solar Developers sits within — not Utility-Scale Solar Developers on its own.
- Net generation
- ~296 TWh (6.7% of U.S. generation)
- Operating capacity
- ~124 GW nameplate
- Trend
- +24.5% CAGR (2018–2025)
- Share of U.S. generation
- 1.5% (2018) → 6.7% (2025)
U.S. Energy Information Administration — Electric Power Operational Data, 2025 (net generation, all sectors). U.S. Energy Information Administration — Form EIA-860M, December 2024 (operating generators). U.S. Energy Information Administration — Electric Power Operational Data, 2018–2025.
Solar generation (NAICS 221114, ~$6B reported) is sized under Power Generation; solar development and distributed/residential solar span construction and services classifications and are not separately sized here.
Business model & economics
Revenue model
Development, PPAs, generation sales, and tax-credit monetization
Key economics
- Recurring revenue
- High
- EBITDA margin
- Strong
- Capex intensity
- High
long-term PPAs and generation
contracted, infrastructure-like economics
Characteristics
- Cheapest new electricity in many markets.
- Largest source of new U.S. capacity additions.
- IRA credits, corporate PPAs, and data-center demand.
Geographic concentration
Solar development and generation concentrate in high-irradiance and policy-supportive states — Arizona, California, North Carolina, and New Mexico.
U.S. Census Bureau — 2022 County Business Patterns (employment by state), NAICS 221114. Concentration shown by location quotient.
M&A deal context
Who’s acquiring
- Solar developers & IPPs
- Infrastructure funds & asset owners
- Energy majors & corporate buyers
What’s driving deals
- IRA credits and corporate PPA demand.
- Developer and asset-portfolio consolidation.
- Data-center-driven electricity demand.
Find Utility-Scale Solar Developers acquisition targets
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