Vistra to Acquire 5.5-GW Gas Generation Portfolio in $4 Billion Cogentrix Deal
Vistra plans to acquire the 5.5-GW Cogentrix natural gas generation portfolio in a $4 billion deal, expanding its footprint across PJM, ISO New England and ERCOT.
(P&GJ) — Vistra Corp. has agreed to acquire the Cogentrix Energy portfolio, adding about 5,500 MW of natural gas-fired generation capacity through a transaction valued at roughly $4 billion.
The deal includes 10 modern gas generation facilities across PJM, ISO New England and ERCOT and marks Vistra’s second major expansion of its generation footprint in the past year. Cogentrix is indirectly owned by funds managed by Quantum Capital Group.
Vistra said the assets will be acquired at a net purchase price of about $4.0 billion, reflecting a combination of cash, stock and assumed debt, net of expected tax benefits. The portfolio includes combined-cycle gas turbine plants, combustion turbine facilities and one cogeneration plant, with an implied valuation of roughly $730 per kilowatt of capacity.
“The Vistra team is excited to announce the acquisition of the Cogentrix portfolio, marking the second opportunistic expansion of our generation footprint over the past year to support our ability to serve growing customer demand in our key markets,” said Vistra President and CEO Jim Burke. “Successfully integrating and operating generation assets is a major undertaking, and our talented team continues to demonstrate that it is a core competency of our company.”
Burke added, “Our diversified fleet, anchored on natural gas and nuclear generation, will play a critical role in the reliability, affordability, and flexibility of U.S. power grids. The addition of this natural gas portfolio is a great way to start another year of growth for Vistra as we've completed, acquired, or developed projects in each of the competitive power regions where we operate. Vistra continues to look for opportunities that allow us to meet the growing demand of customers and meet our disciplined investment thresholds. We look forward to closing the transaction and welcoming new team members to the Vistra family.”
Wil VanLoh, founder and CEO of Quantum Capital Group, said: “We are pleased to have reached an agreement to sell substantially all of the Cogentrix portfolio to Vistra. We are excited to become shareholders of Vistra and have much confidence in Vistra's ability to deliver long-term value through its industry-leading portfolio and operational excellence. Quantum thanks the Cogentrix team for their partnership and looks forward to seeing the business continue to grow as part of Vistra.”
Vistra said the acquisition is expected to be accretive beginning in 2027 and aligns with its existing capital allocation strategy. The transaction remains subject to regulatory approvals, including review by the Federal Energy Regulatory Commission and antitrust authorities, and is expected to close in mid-to-late 2026.