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Vistra Corp. has signed a definitive agreement to acquire seven natural gas generation facilities from Lotus Infrastructure Partners, adding approximately 2,600 megawatts of capacity to its portfolio. The $1.9 billion deal strengthens Vistra鈥檚 presence in key U.S. markets and further diversifies its energy generation footprint.

The portfolio includes five combined cycle gas turbine plants and two combustion turbine facilities located in PJM, New England, New York and California. The assets are expected to enhance Vistra鈥檚 operational flexibility and contribute to grid reliability amid growing power demand.

鈥淲e are excited to announce this opportunistic expansion of our generation footprint in several of our core competitive markets,鈥� said Jim Burke, president and CEO of Vistra. 鈥�Natural gas-fired generation will remain vital to the reliability, affordability and flexibility of the U.S. power grid for years to come. These high-quality combined cycle and peaking assets position us well to meet rising demand while exceeding our mid-teens levered return target.鈥�

Burke emphasized Vistra鈥檚 experience in integrating large-scale acquisitions, citing the successful absorption of Dynegy and Energy Harbor. 鈥淪uccessfully integrating fleets of generation assets is a core competency for us. We look forward to closing this transaction and welcoming new employees to the Vistra family,鈥� he said.

Himanshu Saxena, chairman and CEO of Lotus Infrastructure Partners, also praised the x`. 鈥淲e are pleased to have reached a deal with a proven operator like Vistra. Our team has developed and operated these high-quality assets for many years, and this transaction marks a strong outcome for our investors,鈥� Saxena said.

The purchase price equates to roughly $743 per kilowatt and represents a valuation of approximately seven times projected 2026 adjusted EBITDA, excluding potential synergies. Vistra plans to finance the deal through a combination of cash on hand and the assumption of an existing term loan from Lotus, which is expected to account for about half of the transaction鈥檚 value at closing.

The acquisition is anticipated to immediately benefit Vistra shareholders through accretion to Ongoing Operations Adjusted Free Cash Flow before Growth per share.

The transaction is subject to customary regulatory approvals, including clearance from the Federal Energy Regulatory Commission and the Department of Justice under the Hart-Scott-Rodino Act. Vistra expects to close the acquisition in late 2025 or early 2026.

With this strategic move, Vistra continues to solidify its position as a leader in the U.S. power sector, expanding its natural gas portfolio to meet future energy demands more efficiently.