Quantum Capital Group has agreed to sell approximately 90 per cent of the modern natural gas generation assets owned by independent power producer Cogentrix Energy to Vistra Corp. for a total consideration of approximately US$4.7 billion.
The acquisition includes Cogentrix’s 10 modern natural gas generation facilities totalling approximately 5,500MW of capacity.
The acquisition also includes three combined cycle gas turbine facilities and two combustion turbine facilities located across the Pennsylvania-New Jersey-Maryland Interconnection (PJM), four combined cycle gas turbine facilities in ISO New England, and one cogeneration facility in Electric Reliability Council of Texas (ERCOT).
Quantum Capital will retain its ownership interest in Cedar Bayou 4, a 550MW natural gas-fired plant in Baytown, Texas.
Quantum acquired Cogentrix with the view that demand for clean, dispatchable generation had reached an inflection point.
Since the acquisition, electricity demand has reached all-time highs, driven by data centre expansion, industrial growth, and broader electrification.
Wil VanLoh, CEO of Quantum, said: “This transaction delivers a strong outcome for our investors and strategic partners in Cogentrix, including Williams, Trafigura Group, and Carnelian Energy Capital, and reinforces our long-standing belief in the critical importance of dependable power generation.”
Vistra President and CEO Jim Burke said: “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.”
The transaction is expected to close in mid-to-late 2026, subject to regulatory approvals.