For deal sourcers, staying current on private company activity is critical to spotting active buyers, tracking market trends, and uncovering emerging investment opportunities ahead of competitors.
In February alone, we added more than 1,700 new private company transactions, bringing the total to over 19,000 searchable deals across sectors, industries, and transaction types in Dakota Marketplace.
Inside Dakota Marketplace, you’ll find the transactions tab that provides structured, filterable data on deal types, values, and dates, while our editorial team curates daily updates through the dakota transactions newsletter, helping you cut through the noise and focus on what matters most.
To ensure the most comprehensive coverage of private market activity, Dakota monitors over 10,000 websites including company websites, newswires, and numerous third-party news providers to capture and verify transaction data as it happens.
Below are the top 10 energy transactions.
- Transaction Date: 2/25/2026
- Industry: Electric Utilities
- Type: Acquisition / Merger
- Transaction Value: $14B
French utility Engie has agreed to acquire UK Power Networks (UKPN), the operator of approximately 192,000km of power lines serving 8.5 million customers across London, south-east, and east England, from Li Ka-shing's Hong Kong-based conglomerate in a £10.5bn deal. The acquisition marks a strategic milestone for Engie in its ambition to become a leading energy transition utility, further reinforcing its position in electricity networks at a time when UK distribution companies are midway through a £22bn+ grid upgrade programme ahead of 2028.
- Transaction Date: 2/3/2026
- Industry: Electric Utilities
- Type: Acquisition / Merger
- Transaction Value: $3.9B
On February 3, KfW signed a contract on behalf of the German Federal Government to acquire a 25.1% minority stake in TenneT Germany, operator of the country's largest power transmission grid at over 14,000km, from Dutch TenneT Holding, alongside co-investors Norges, APG, and GIC who are set to acquire up to 46% of shares by 2029. The investment, structured without direct federal budget outflows, aims to secure the substantial capital needed to expand Germany's electricity grid infrastructure, and would give the Federal Government a stake in three of Germany's four power transmission grid operators upon regulatory approval, expected by Q3 2026.
- Transaction Date: 2/17/2026
- Industry: Multi-Utilities
- Type: Acquisition / Merger
- Transaction Value: $1.9B
Portland General Electric (PGE) has agreed to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp for $1.9bn — including three generation facilities totalling 805 MW, 4,500 miles of transmission and distribution lines, and service to approximately 140,000 customers — in a deal priced at 1.4x estimated 2026 rate base. The acquisition, structured with Manulife Investment Management as a minority partner in the newly formed Washington subsidiary, is expected to be EPS and dividend growth accretive upon closing, which is anticipated approximately 12 months after regulatory filings are submitted.
- Transaction Date: 2/3/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Real Assets
- Transaction Value: $1.7B
Ørsted has agreed to divest its entire European onshore business — comprising 578 MW of operational capacity, 248 MW under construction, and a multi-gigawatt development pipeline across Ireland, the UK, Germany, and Spain — to Copenhagen Infrastructure Partners (CIP) for €1.44 billion, with closing expected in Q2 2026. The transaction completes Ørsted's previously announced divestment programme, bringing total proceeds from 2025-2026 transactions to approximately DKK 46 billion, as the company sharpens its strategic focus on offshore wind in its core European markets.
- Transaction Date: 2/13/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Asset Purchase
- Transaction Value: $1.3B
First Gen Corporation is acquiring a 40% equity interest in Prime Infrastructure Capital's pumped storage hydropower (PSH) portfolio — comprising the 600 MW Wawa and 1,400 MW Ahunan projects in Luzon — for PHP 75 billion, of which PHP 62.5 billion will directly fund construction, with completion targeted by December 2030. The 2,000 MW of long-duration energy storage capacity, both certified as Energy Projects of National Significance by the Philippine government, will play a critical role in grid balancing and renewable energy integration for the Luzon power system, complementing First Gen's existing hydroelectric assets.
- Transaction Date: 2/21/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Real Assets
- Transaction Value: $1B
Enel, acting through its Enel Green Power North America subsidiary, has agreed to acquire an 830 MW portfolio of wind and solar plants across the United States from Excelsior Energy Capital for approximately $1 billion, with the enterprise value of the full portfolio reaching around $1.3 billion including a tax partnership agreement. The deal, expected to close in Q3 2026, is projected to contribute approximately $145 million per year to Enel's consolidated ordinary EBITDA and will bring the group's total North American renewable installed capacity to approximately 13 GW across wind, solar, and storage facilities.
- Transaction Date: 2/5/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Acquisition / Merger
- Transaction Value: $675M
Kodiak Gas Services has agreed to acquire Distributed Power Solutions (DPS), a provider of approximately 384 MW of distributed power generation assets, in a transaction valued at approximately $675 million — comprising $575 million in cash and roughly $100 million in Kodiak common stock — at a multiple of 7.4x DPS's estimated 2026 adjusted EBITDA. The deal, expected to close in early April 2026, expands Kodiak's customer base into high-growth digital infrastructure markets, including a 100 MW contract with a large data center operator, while leveraging its existing large horsepower engine expertise and over 700 Caterpillar-certified technicians.
- Transaction Date: 2/5/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Venture
- Transaction Value: $130M
Lunar Energy, a provider of integrated home battery systems and AI-powered Virtual Power Plant software, raised a combined $232 million across an oversubscribed $102 million Series D led by B Capital and Prelude Ventures, and a previously unannounced $130 million Series C led by Activate Capital. The funding will accelerate national expansion of Lunar's home battery systems and scale its Gridshare platform, which already manages 650 MW of distributed energy resources across multiple continents and powers the country's largest Virtual Power Plant programs.
- Transaction Date: 2/4/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Growth Equity
- Transaction Value: $102M
Lunar Energy, the California-based home battery and Virtual Power Plant software startup founded by Tesla's former energy chief Kunal Girotra, has raised $232 million across a $102 million Series D led by B Capital and Prelude Ventures and a previously undisclosed $130 million Series C, valuing the company at close to $1 billion. The funding will fuel expansion into new markets including Texas, Puerto Rico, and Hawaii, building on Lunar's existing platform which manages approximately 2 GWh of battery capacity across virtual power plants and serves utilities across 12 U.S. states, Europe, and Japan.
- Transaction Date: 2/17/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Growth Equity
- Transaction Value: $100M
Utility Global has announced a $100 million first close of its Series D financing round, led by Ara Partners and APG Asset Management, to accelerate the global commercial deployment of its proprietary H2Gen® technology — which produces clean hydrogen and high-purity CO₂ streams from industrial off-gases without electricity, targeting hard-to-abate sectors including steel, refining, and petrochemicals. The capital will support manufacturing expansion, project delivery teams, and multiple commercial deployments across the Americas, Europe, and Asia, building on existing partnerships with Kyocera, ArcelorMittal, and others.
At Dakota, we understand how important it is to stay current on deal activity as it happens. That’s why our editorial team continuously monitors the news for real-time updates on platform investments, add-ons, divestitures, and more to deliver daily highlights straight to your inbox through our transactions newsletter.
Inside Dakota Marketplace, the transactions tab provides structured, filterable data with deal dates, types, sectors, and financials, allowing you to build a customized feed that aligns with your focus areas.
Whether you're evaluating a new investment opportunity or tracking trends within a target sector, Dakota Marketplace helps you cut through the noise and focus on what matters most.
For more information on these transactions and a deeper dive into their industries and sub-industries, book a demo of Dakota Marketplace.
