The deal encompasses seven modern facilities.
The acquisition includes seven facilities—five combined-cycle gas turbine plants and two combustion turbine plants—located across Pennsylvania, New Jersey, Maryland, New England, New York, and California. These assets are strategically positioned to meet growing electricity demands in these regions.
Vistra’s president and CEO, Jim Burke, stated: “We believe natural gas-fired generation will continue to play an ever-increasing role in the reliability, affordability, and flexibility of US 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 acquisition will be funded by assuming an existing term loan from Lotus, covering approximately 50% of the purchase price, with the remainder financed using Vistra’s cash reserves. The deal values the assets at roughly seven times their projected 2026 adjusted EBITDA, excluding potential operational synergies.
The transaction is expected to close in late 2025 or early 2026, pending regulatory approvals from the Federal Energy Regulatory Commission and the Department of Justice, in accordance with the Hart-Scott-Rodino Act.
Lotus Infrastructure Partners’ chairman and CEO, Himanshu Saxena, stated: “We are pleased to have reached an agreement to sell this gas plant portfolio to a proven operator like Vistra. The Lotus team has acquired, developed, and operated this portfolio of high-quality assets for many years, which has helped us deliver this win-win transaction for our investors.”
Barclays and Moelis & Company are serving as financial advisors to Vistra, with legal counsel provided by Latham & Watkins and Cleary Gottlieb Steen & Hamilton. Lazard is the exclusive financial advisor to Lotus, supported by legal advisors King & Spalding and Eversheds Sutherland.
In September 2024, Vistra also secured agreements to acquire a 15% equity interest in its subsidiary, Vistra Vision, from affiliates of Nuveen Asset Management and Avenue Capital Management II. This acquisition aligns with Vistra’s strategy to expand its capacity to meet domestic energy consumption needs reliably and efficiently.
The deal enhances Vistra’s ability to support U.S. power grids, ensuring stable energy supply for customers while pursuing sustainable growth in the energy sector.
