3D Chess Alert As Iran War Builds The Case For Clean Energy

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Despite all the attention lavished on coal producers, US President Donald Trump sure knows how to sell the American public on clean energy. His war in Iran has sent the price of petroleum fuels and natural gas flying upward. A ripple effect is heading towards coal as well, making wind and solar all the more attractive. Meanwhile, the President himself has quietly signaled that some key solar projects can move forward — if you play your cards right.

First Sign That Trump Is Caving On Clean Energy

Nevada is a case in point. As of last year, the renewables-rich state was barreling along the clean energy track. Projects in the pipeline included new transmission infrastructure and the sprawling Esmeralda 7 group of utility-scale solar power plants, with Republican Governor Joe Lombardo doing his best to keep Trump’s fossil-friendly energy policy from gumming up the works.

Despite Lombardo’s efforts, last October Interior Secretary Doug Burgum put the Esmeralda 7 group on hold, advising the stakeholders to re-submit their plans individually for another round of reviews.

That kind of stalling tactic has become Trump’s stock in trade, leading many energy observers to declare the whole project dead in the water. However, Lombardo was not ready to give up. Over the winter he managed to buttonhole the President, and by the end of February reports surfaced that Trump gave the thumbs-up for new solar projects to move forward in Nevada.

More Clean Energy, Trump Or No Trump

It remains to be seen if Esmeralda 7 or any other major clean power proposals can move through the pipeline in Nevada, though Interior Department insiders cited by E&E News reportedly affirm that Esmeralda 7 is back on track.

Meanwhile, a new report from the trade organization Solar Energy Industries Association underscores the obvious. Solar became the most economical and accessible choice for adding new power plants to the nation’s grid in the years leading up to Trump’s second term in office, and that still remains the case.

On March 10 the news organization Nevada Current zeroed in on the SEIA report, noting that 2025 was a spectacular disaster for the utility-scale solar industry in Nevada. The state formerly held a Top Ten position in a state-by-state ranking of new solar capacity additions, and it sank to #27 last year.

That’s just the bad news. In terms of cumulative capacity, Nevada still holds a top slot. “Despite the fall in new solar power installations in 2025, Nevada still ranks sixth in the nation in total solar capacity – producing 8.2 gigawatts of solar energy or enough to power 1.4 million homes annually,” Current reporter Jeniffer Solis observes.

“Solar energy also maintained its position as the largest source of new electricity generation added to the electric grid in Nevada,” Solis adds.

A Financial Thumbs-Up For Solar

Nevada is also serving as a showcase for the staying power of clean energy investing. Although various state-based public officials have tried to tamp down activity in that area, the energy infrastructure investing firm Quinbrook is among those following the money.

On March 10, Quinbrook and the US clean energy developer Primergy nailed down a $600 million bond refinancing transaction supported by the Gemini Solar and Storage Project in Clark County, Nevada.

Commissioned in 2024, Gemini is billed as the largest co-located, single-phase project in the US, including 380 megawatts (AC) of energy storage alongside 690 megawatts (AC) of solar panels. The refinancing includes $600 million in long term Senior Secured Notes and a $160 million credit facility.

Other stakeholders in the transaction included BofA Securities, KeyBanc Capital Markets, MUFG Securities Americas, BNP Paribas Securities Corp., and SMBC Nikko Securities America.

“The 24-year, fully amortizing Note financing provides long-term stability and eliminates future refinancing risk. The Notes are backed by stable cashflows from an existing 25-year power purchase agreement and a 10-year production tax credit transfer agreement,” Primergy explains.

“Through this refinancing, Gemini secured one of the lowest spreads of all renewable project finance private placement transactions over the past decade, with a weighted average life exceeding six years,” the firm adds.

“Gemini has successfully demonstrated the long-term reliability expected by investors, utilities, and consumers,” enthused Primergy CFO Tim Larrison in a press statement.

“We are excited to sustain this momentum as we continue to develop our portfolio of large-scale projects to meet America’s growing power demand,” he added.

More Clean Energy (& Energy Storage) For Texas

Turning now to other parts of the US, Texas State Attorney General Ken Paxton recently celebrated a victory of sorts against clean energy investing, when he managed to eke out a settlement in a case against the leading firm Vanguard. However, as legal experts point out, a settlement is not the same as an adjudication. Vanguard quickly reassured its investors that it has not altered its business model, though it has formally withdrawn from several decarbonization organizations.

In an epic case of bad timing, Paxton announced the settlement on February 26. As if on cue, just two days later Trump began dropping bombs all over Iran, thereby sparking a supply and transportation crisis in global oil and gas markets while underscoring the value of locally produced clean energy resources that deploy the largess of natural systems, instead of depending on the see-saw world of commodities.

Also as if on cue, the leading investment manager Nuveen Infrastructure has just tapped the Pennsylvania-based firm Exus Renewables North America to serve as asset manager 437 megawatts (dc) of solar power in Texas, spread among the Sol, Crown, and Files utility-scale projects. As asset manager, Exus is tasked with optimizing the efficiency and longevity of the three projects.

“This 437MW portfolio…underscores the growing demand for specialized solar asset management in high-growth markets like Texas,” explains the company’s Head of Operations for North America, Dhaval Bhalodia.”

“Texas continues to lead the nation’s renewable energy boom, with solar capacity growing by over 40% annually,” Exus added in a press statement, gently reminding AG Paxton that his state is sitting on a clean energy gold mine.

Rounding out the news from Texas is the buzzworthy energy storage startup Base Power. On March 10, the company announced a new pilot project in partnership with the utility El Paso Electric Company, aimed at deploying home batteries to relieve pressure on the grid during periods of high demand.

If all goes according to plan, the Base model will be picked up by electric utilities throughout Texas and beyond. “The partnership is structured to support future expansion and serves as a replicable model for investor-owned utilities seeking customer-sited storage solutions that align operational control, regulatory requirements, and customer value,” Base explains.

There’s that thing about investors again. Homes that participate in the Base pilot project don’t need their own rooftop solar panels, but they will be topping off their batteries with El Paso Electric’s 100% coal-free grid mix, which includes a growing amount of solar energy alongside natural gas and nuclear.

Photo (cropped): The case for clean energy investing in the US continues to grow stronger as Trump’s war on Iran sparks turmoil in global commodities markets (courtesy of Primergy Power).