Vistra to Acquire 2,600 MW of Gas Plants from Lotus
Slice of Energy Team
May 22, 2025
Key highlights
- Seven natural gas facilities acquired across PJM, New England, NY, and CA
- 2,600 MW total capacity, including five CCGTs and two CTs
- $1.9 billion deal, approximately $743/kW
- Expected 7x 2026 Adjusted EBITDA multiple (pre-synergies)
- Closing projected in late 2025 or early 2026, pending regulatory approvals
Notable Quotes
“ 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. ”
Jim Burke, President and CEO at Vistra Corp
“ We are pleased to have reached an agreement to sell this gas plant portfolio to a proven operator like Vistra. ”
Himanshu Saxena, Chairman and CEO at Lotus Infrastructure Partners
Why This Matters
This acquisition underscores Vistra’s strategic emphasis on enhancing grid reliability and meeting growing U.S. energy demand through modern natural gas infrastructure. By acquiring geographically diverse and high-efficiency gas generation assets, Vistra is not only reinforcing its competitive presence across key energy markets but also ensuring long-term shareholder value through disciplined capital allocation and operational integration. As the energy sector grapples with balancing sustainability goals and grid dependability, such investments highlight the continued critical role of natural gas in the evolving energy mix.
