The Week in Deals
3 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Jan 10 | Corporate M&A | Nuclear | Energy Capital Partners (ECP) consortium | Constellation Energy | $26.60B | Multi-state | Announced | Largest power M&A of 2025. $16.4B equity ($4.5B cash + 50M Constellation shares) plus assumed $12.7B Calpine net debt = $26.6B enterprise value. 7.9x 2026 EV/EBITDA multiple. Creates America's leading clean and reliable energy producer combining Constellation's 22 GW nuclear/hydro fleet with Calpine's gas and geothermal portfolio. Sellers: ECP-led consortium including Access Industries and CPP Investments (Calpine bought private 2018 for $17.1B). Latham & Watkins (Calpine), Kirkland & Ellis (Constellation). Closed Q1 2026 after Q4 2025 antitrust clearance. Combined ~60 GW low-carbon + flexible portfolio. | |
| Jan 9 | Project & Portfolio M&A | Nuclear | Vistra | Meta | 2,600 MW | OH, PA | Announced | Vistra signs 20-year PPAs providing 2,600+ MW of zero-carbon nuclear energy from 3 plants to support Meta's operations. Follows Vistra's 2024 Energy Harbor nuclear acquisition. | |
| Jan 8 | Project & Portfolio M&A | Solar+BESS | Algonquin Power & Utilities | LS Power | $2.10B | Multi-state | Closed | Algonquin's pivot to pure-play regulated utility. ~$1.95B at close + ~$150M deferred for tax-attribute monetization on in-construction projects. LS Power folded assets into Clearlight Energy alongside subsequent BP US wind acquisition (closed Dec 2025). |
Change of Control
2 movesDavid Hardy joined as Global Chief Commercial Officer at GE Vernova Wind (from CEO, Region Americas, Ørsted)
Hardy — architect of Ørsted's 11 GW US offshore-wind position (South Fork, Revolution Wind, Sunrise Wind FIDs) — defected to GE Vernova as global wind CCO, a major signal of OEM priority on US wind commercial sophistication amid demand uncertainty.
Jason Zibarras joined as Partner, Infrastructure at Apollo Global Management (from Founder and Managing Partner, Argo Infrastructure Partners)
Argo founder Zibarras joined Apollo Infrastructure as Partner upon Apollo's acquisition of Argo (~$6B AUM, 20+ professionals). Material build-up of Apollo's real-asset infrastructure platform with US-focused power and renewables exposure.
Prefer the email view? Open the original email →
Get the next issue in your inbox
Free, every Monday. Unsubscribe anytime.