TECHNOLOGY
Natural Gas Deals
Natural-gas-fired generation as a transition fuel — peakers, combined-cycle, and gas portfolio M&A. Included where the deal sits in the broader clean-energy capital flow.
14
Tracked Deals
36.3 GW
Total Capacity
$56.61B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Mar 20, 2026 | PORTS Technology Campus — 10 GW AI data center + up to 10… SoftBank Group; SB Energy; AEP Ohio | 10.0 GW | ~$33B (Phase 1; $500B+ over 50 years) |
| Mar 18, 2026 | Constellation PJM natural gas generation portfolio — 4.4 … Constellation Energy → LS Power | 4.4 GW | $5B |
| Jan 5, 2026 | Cogentrix Energy — 10 natural gas generation facilities, … Quantum Capital Group (Cogentrix) → Vistra Corp | 5.5 GW | $4B ($2.3B cash + $0.9B stock + $1.5B debt - $0.7B tax benefits) |
| Jul 17, 2025 | Moxie Freedom (1,105 MW CCGT, PA) + Guernsey Power Statio… Caithness Energy, BlackRock/GIP → Talen Energy | 3.0 GW | $3.5B (net; $3.8B gross) |
| Aug 5, 2024 | Cogentrix Energy — 5,300 MW (11 natural gas plants) acros… Carlyle Group → Quantum Capital Group | 5.3 GW | $3B |
| Jan 3, 2024 | Gulf Coast natural gas storage portfolio — 115 Bcf workin… Hartree Partners LP affiliate → Williams Companies | — | $1.95B |
| Oct 1, 2025 | Natural gas portfolio — 2.6 GW across 7 gas plants in PJM… Lotus Infrastructure Partners → Vistra Corp | 2.6 GW | $1.9B |
| Jan 5, 2024 | STX Midstream — South Texas natural gas pipeline assets (… NextEra Energy Partners → Kinder Morgan | — | $1.815B |
| Feb 1, 2024 | Harquahala Generating Station (1,092 MW, AZ) + La Paloma … Capital Power | 2.2 GW | $1.1B |
| May 1, 2024 | Texas natural gas portfolio — 1,710 MW: Barney Davis (897… Talen Energy → CPS Energy (San Antonio municipal utility) | 1.7 GW | $785M |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Vistra Corp | 2 | $5.90B |
| 2 | Kinder Morgan | 1 | $1.81B |
| 3 | Indiana Michigan Power (AEP) | 1 | — |
| 4 | Talen Energy | 1 | $3.50B |
| 5 | NRG Energy | 1 | $560M |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | NextEra Energy Partners | 2 | $1.81B |
| 2 | Quantum Capital Group (Cogentrix) | 1 | $4.00B |
| 3 | Oregon Clean Energy (Ares EIF, I Squared Capital) | 1 | — |
| 4 | Caithness Energy, BlackRock/GIP | 1 | $3.50B |
| 5 | Lotus Infrastructure Partners | 1 | $1.90B |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Latham & Watkins, Sidley Austin, Cleary Gottlieb Steen & Hamilton | 1 |
| 2 | King & Spalding | 1 |
| 3 | Kirkland & Ellis, White & Case | 1 |
| 4 | Paul Hastings | 1 |
| 5 | Cahill Gordon & Reindel | 1 |
Technology Mix
Deal Type Mix
- Project & Portfolio M&A7
- Corporate M&A5
- Project Finance1
- Strategic & Growth Capital1
Activity by Year
Recent Deals
Latest 10- AtmosZero — strategic OEM investment from Mitsubishi Heavy Industries for ele…Mar 23, 2026
Strategic & Growth Capital · CO
- PORTS Technology Campus — 10 GW AI data center + up to 10 GW power generation…Mar 20, 2026
Project Finance · OH · ~$33B (Phase 1; $500B+ over 50 years) · 10,000 MW
- Constellation PJM natural gas generation portfolio — 4.4 GW across Delaware a…Mar 18, 2026
Project & Portfolio M&A · DE, PA · $5B · 4,400 MW
- Oregon Clean Energy Center — 870 MW CCGT natural gas plant, Oregon, OHMar 5, 2026
Project & Portfolio M&A · OH · 870 MW
- Cogentrix Energy — 10 natural gas generation facilities, 5,500 MW CCGT and CT…Jan 5, 2026
Corporate M&A · Multi-state · $4B ($2.3B cash + $0.9B stock + $1.5B debt - $0.7B tax benefits) · 5,500 MW
- Natural gas portfolio — 2.6 GW across 7 gas plants in PJM, ISO-NE, NYISO, CAISOOct 1, 2025
Project & Portfolio M&A · Multi-state · $1.9B · 2,600 MW
- Moxie Freedom (1,105 MW CCGT, PA) + Guernsey Power Station (1,875 MW CCGT, OH…Jul 17, 2025
Corporate M&A · OH, PA · $3.5B (net; $3.8B gross) · 2,980 MW
- 6 natural gas generation facilities — 738 MW total capacityMar 12, 2025
Project & Portfolio M&A · Multi-state · $560M · 738 MW
- Cogentrix Energy — 5,300 MW (11 natural gas plants) across PJM, ERCOT, ISO-NEAug 5, 2024
Project & Portfolio M&A · Multi-state · $3B · 5,300 MW
- Texas natural gas portfolio — 1,710 MW: Barney Davis (897 MW), Nueces Bay (63…May 1, 2024
Project & Portfolio M&A · TX · $785M · 1,710 MW
Recent Moves at Active Firms
All moves →Terrell Kirk Crews II departed NextEra EnergyMar 5, 2026
Jennifer Gasser joined as Partner, Energy and Infrastructure M&A at Paul WeissMar 3, 2026
Seth Richardson promoted to Partner, Project Development & Finance at Latham & WatkinsFeb 20, 2026
Thomas Verity joined as Partner, Energy M&A at Norton Rose FulbrightFeb 15, 2026
Neal Kemkar joined as Chief Network Officer at CeresFeb 9, 2026
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