Utility Vistra said on Thursday it would acquire seven natural gas generation facilities, with a combined capacity of nearly 2,600 megawatt, from Lotus Infrastructure Partners for $1.9 billion, as it looks to meet growing power demand.
The deal includes five combined cycle gas turbine facilities and two combustion turbine facilities located across PJM, New England, New York and California.
PJM Interconnection is a regional transmission organization that coordinates the movement of wholesale electricity in parts of the Eastern United States. It covers parts of 13 states from Illinois to New Jersey.
The acquisition is expected to expand Vistra’s footprint in key competitive markets and serve growing power demand, while exceeding its mid-teens levered return target, the company said.
Shares of the utility rose nearly 1.4% in extended trading.
The transaction is expected to close sometime in late 2025 or early 2026.
(Reporting by Pooja Menon in Bengaluru; Editing by Shilpi Majumdar)