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DealFlow.energy
The market, summarized. Every Monday.
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3
Deals
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30,000
MW
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2
Moves
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In this issue:
Deals (3)
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Moves (2)
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Dealflow: The Week in Deals
January 6 - 12
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Deal
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Size
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Tech
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Calpine Corporation — largest US power generator with ~26 GW of natural gas +...
Energy Capital Partners (ECP) consortium → Constellation Energy
Corporate M&A
Multi-state · $26.6B
Largest power M&A of 2025. $16.4B equity ($4.5B cash + 50M Constellation shares) plus assumed $12.7B Calpine net debt...
Constellation Energy IR ↗
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26.0 GW
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Nuclear
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20-year nuclear PPAs — 2,600+ MW from 3 nuclear plants (Beaver Valley PA, Dav...
Vistra → Meta
Project & Portfolio M&A
OH, PA · Undisclosed (20-year term)
Vistra signs 20-year PPAs providing 2,600+ MW of zero-carbon nuclear energy from 3 plants to support Meta's operation...
Vistra Corp ↗
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2.6 GW
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Nuclear
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Algonquin renewables platform — ~1.4 GW operating + in-construction wind and ...
Algonquin Power & Utilities → LS Power
Project & Portfolio M&A
Multi-state · ~$2.1B ($1.95B at close + ~$150M deferred)
Algonquin's pivot to pure-play regulated utility. ~$1.95B at close + ~$150M deferred for tax-attribute monetization o...
Yahoo Finance ↗
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1.4 GW
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Hybrid
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View Full Database →
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Change of Control: The Week in Talent
2 notable moves
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David Hardy is the new 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.
Source ↗
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Jason Zibarras is the new 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.
Press release ↗
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View All Moves →
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