The electricity industry in Guadeloupe has undergone a rapid transition. In this paper we analyse how this energy transition concretely occurred and what are the implications for industrial players and their accumulation strategies? Energy transition policies are configured by political struggles involving power producers (both incumbents and challengers) to ensure their profitability. We focus specifically on financial relationships and circuits underlying the Guadeloupean electricity industry, arguing that the political (de)construction of these circuits by (public and private) actors is key to better understand the transition process and/or its path-dependence. We identify three different and successive sequences of energy transition, from 2000 to 2023, characterized by different financial circuit architectures and distributive outcomes.