Vistra Corp. on May 15 announced that it has executed a definitive agreement to acquire seven modern natural gas generation facilities, totaling approximately 2,600 MW of capacity, from Lotus Infrastructure Partners.
The acquisition includes five combined cycle gas turbine facilities and two combustion turbine facilities located across PJM, New England, New York, and California, further geographically diversifying Vistra's natural gas fleet.
Vistra is acquiring these assets for $1.9 billion or approximately $743/kW, subject to certain net working capital adjustments.
"We are excited to announce another opportunistic expansion of our generation footprint in some of our key competitive markets," said Vistra President and CEO Jim Burke. "We believe natural gas fired generation will continue to play an ever-increasing role in the reliability, affordability, and flexibility of U.S. power grids for years to come. The addition of this attractive portfolio of combined cycle and peaking assets allows Vistra to serve growing power demand while exceeding our mid-teens levered return target."
The transaction is subject to certain regulatory approvals, including the Federal Energy Regulatory Commission and the Department of Justice under the Hart-Scott-Rodino Act, and is expected to close sometime in late 2025 or early 2026.
