Vistra Grows Gas Generation Portfolio with Cogentrix Acquisition

Written by Danny Levin, Deputy Editor for IIR News (Sugar Land, Texas)

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Summary

Vistra Corporation has agreed to acquire Cogentrix Energy and its 10 natural gas generation assets totaling approximately 5,500 MW of capacity in a deal valued at $4 billion.

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Vistra's Proposed Acquisition of Cogentrix

Cogentrix Energy is indirectly owned by funds managed by Quantum Capital Group (Houston, Texas).

Under the proposed acquisition, Vistra Corporation (Irving, Texas) would add 5,500 megawatts (MW) worth of natural gas-fired assets at a net purchase price of approximately $4 billion, which includes cash consideration of approximately $2.3 billion and stock consideration worth $0.9 billion (5 million shares of common stock at a mutually agreed-upon value of $185 per share) to be issued to Quantum.

The remainder is attributed to the assumption of approximately $1.5 billion of outstanding debt, minus an expected $0.7 billion in tax benefits generated directly as a result of the transaction. The payable considerations are subject to certain customary net working capital, cash, and indebtedness adjustments.

Vistra said it expected the transaction to close in mid- to-late-2026, although it is subject to regulatory approvals by the Federal Energy Regulatory Commission and the Department of Justice, among other entities.

This marks the company's second planned expansion of its natural gas generation portfolio, after acquiring seven gas-fired power plants earlier this year. For more information, see August 21, 2025, article - Vistra Expands Natural Gas Assets, Stays Firm on Solar for 2025.

What's Included?

Vistra will take ownership of about 5,500 MW worth of gas-fired generation capacity: three combined-cycle gas turbine assets and two combustion turbine assets located across the PJM Interconnection (PJM), four combined-cycle gas turbine assets in ISO New England (ISO-NE), and one cogeneration asset in the Electric Reliability Council of Texas (ERCOT) service area.

These include:

• PJM: Patriot, Hamilton-Liberty, Lakewood, Ocean and Rock Springs. Note: Industrial Info is tracking the Lakewood and Ocean assets as one plant.
• ISO-NE: Newington, Bridgeport, Tiverton, Rumford
• ERCOT: Altura Cogeneration

Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Plant Database can learn more by viewing a list of related plant profiles.

Vistra said the acquisition, combined with its current fleet, will bring the company's U.S. generation portfolio to approximately 50,000 MW of capacity.

Vistra's Natural Gas Plant Presence in the Permian

Earlier this year, the company announced it was moving forward with plans to invest $1 billion in capital expenditures to build out its presence in the Permian Basin area. This includes adding two gas-fired turbines to its Permian Basin Power Plant in Monahans, Texas.

Subscribers can view a related project report and plant profile.

For more information, see October 1, 2025, article - Vistra to Add Capacity to Permian Basin Power Plant.

Subscribers to Industrial Info's GMI Plant Database can click here for a full list of detailed profiles for plants mentioned in this article.

Key Takeaways

• Vistra has agreed to acquire Cogentrix Energy's 10 gas-fired assets with a combined 5,500 MW of capacity.
• The proposed acquisition has a value of $4 billion, including cash and stock considerations as well as the assumption of debt.
• This would be the company's second expansion of its gas-fired portfolio in the last year.
• It would bring Vistra's total U.S. gas-fired capacity to generation portfolio to approximately 50,000 MW.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).