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 utilities transactions.
- Transaction Date: 2/25/2026
- Industry: Electric Utilities
- Type: Acquisition / Merger
- Transaction Value: $14B
- Participants: ENGIE SA, CK Infrastructure Holdings Limited, Bank of America Merrill Lynch Investment Banking, BNP Paribas Corporate & Institutional Banking, Rothschild & Co., Herbert Smith Freehills Kramer, Linklaters
France's Engie has agreed to acquire UK Power Networks, which operates roughly 192,000km of electricity cables serving 8.5 million customers across London and southern/eastern England, from a Hong Kong-based conglomerate linked to billionaire Li Ka-shing, in a deal valued at £10.5bn. The acquisition is central to Engie's strategy of becoming a leading energy transition utility, reinforcing its position in electricity network infrastructure.
- Transaction Date: 2/3/2026
- Industry: Electric Utilities
- Type: Acquisition/Merger
- Transaction Value: $3.9B
- Participants: KFW, TenneT Holding B.V., Citi Group Investment Banking
Germany's state-owned development bank KfW signed a contract on behalf of the Federal Government to acquire a 25.1% minority stake in TenneT Germany — operator of Germany's largest power transmission grid at over 14,000km — from Dutch TenneT Holding, alongside co-investors including the Norwegian, Dutch, and Singaporean sovereign wealth/pension funds acquiring up to a combined 46%. The investment is aimed at securing the capital needed to expand Germany's electricity grid infrastructure, with regulatory approvals expected by Q3 2026.
- Transaction Date: 2/17/2026
- Industry: Multi-Utilities
- Type: Acquisition/Merger
- Transaction Value: $1.9B
- Participants: Portland General Electric Company, Manulife Investment Management, PacifiCorp, Latham & Watkins LLP, Lazard, Barclays Investment Bank, J.P. Morgan Investment Bank, Citi Group Investment Banking, Goldman Sachs & Co. LLC, Simpson Thacher & Bartlett LLP
Portland General Electric (PGE) has agreed to acquire select Washington state electric utility assets from PacifiCorp for $1.9bn, including three generation facilities totaling ~805 MW, 4,500 miles of transmission and distribution lines, and local utility operations serving ~140,000 customers. Manulife Investment Management will participate as a minority owner in the newly formed Washington subsidiary, with the deal expected to close roughly 12 months after regulatory filings.
- Transaction Date: 2/3/2026
- Industry: Independent Power and Renewable Electricity Porducers
- Type: Real Assets
- Transaction Value: $1.7B
- Participants: Ørsted, Copenhagen Infrastructure Partners (CIP)
Ørsted has agreed to divest its entire European onshore energy 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 for €1.44bn, with closing expected in Q2 2026. The sale allows Ørsted to refocus on offshore wind while the acquired business, to be rebranded, will continue to be headquartered in Cork.
- Transaction Date: 2/13/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Acquisition/Merger
- Transaction Value: $1.3B
- Participants: First Gen Corporation, Prime Infrastructure Capital, Inc.
First Gen Corporation is acquiring a 40% equity stake in Prime Infrastructure's pumped storage hydropower portfolio — comprising the 600 MW Wawa and 1,400 MW Ahunan projects in Luzon — for PHP 75 billion, with PHP 62.5 billion earmarked directly for construction funding. The 2,000 MW of combined long-duration storage capacity is targeted for completion by December 2030 and is designed to provide grid stability and support renewable energy integration across the Philippine power system.
- Transaction Date: 2/21/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Real Assets
- Transaction Value: $1B
- Participants: Excelsior Energy Capital LP, Enel, Enel Green Power, EGPNA Project Holdco 2
Enel, through its Enel Green Power North America subsidiary, has agreed to acquire an 830 MW portfolio of wind and solar plants in the US from Excelsior Energy Capital for approximately $1 billion, with the enterprise value of the full portfolio at roughly $1.3 billion. The deal, expected to close in Q3 2026, is projected to contribute around €125 million annually to Enel's consolidated EBITDA and will bring the group's total North American renewable capacity to approximately 13 GW.
- Transaction Date: 2/5/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Acquisition/Merger
- Transaction Value: $675M
- Participants: Kodiak Gas Services Inc, Distributed Power Solutions, LLC, Intrepid Financial Partners, Sidley Austin LLP, Morgan Stanley, Jones Walker LLP, Winston & Strawn LLP
Kodiak Gas Services has agreed to acquire Distributed Power Solutions (DPS), a provider of turnkey distributed power generation with a ~384 MW fleet, for approximately $675 million ($575 million in cash plus ~$100 million in Kodiak stock), closing expected in early April 2026. The deal expands Kodiak's presence beyond contract compression into the fast-growing digital infrastructure market, with DPS's existing contract portfolio including 100 MW serving a large data center operator.
- Transaction Date: 2/4/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Venture
- Transaction Value: $130M
- Participants: Activate Capital, DCVC, Piva Capital, Leitmotif, Sunrun, ITOCHU Corporation, Q Capital Partners Co., Ltd
Lunar Energy raised a $130 million Series C led by Activate Capital, with participation from DCVC, Piva Capital, Leitmotif, Sunrun, Itochu Corporation, and Q Capital Partners, to fund the development of its integrated home battery systems and AI-powered Virtual Power Plant software platform, Lunar Gridshare.
- Transaction Date: 2/4/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Growth Equity
- Transaction Value: $102M
- Participants: B Capital Group, Prelude Ventures, DCVC, Piva Capital, Leitmotif, Sunrun, ITOCHU Corporation, Q Capital Partners Co., Ltd
Lunar Energy raised a $102 million oversubscribed Series D led by B Capital and Prelude Ventures, with participation from DCVC, Piva Capital, Leitmotif, Sunrun, Itochu Corporation, and Q Capital Partners, to accelerate national expansion of its home battery systems beyond California and further scale its Lunar Gridshare distributed energy management platform, which manages 650 MW of devices across multiple continents.
- Transaction Date: 2/17/2026
- Industry: Independent Power and Electricity Producers
- Type: Growth Equity
- Transaction Value: $100M
- Participants: Ara Partners, APG Asset Management, Tudor Pickering Holt & Co, BDA Partners
Utility Global announced a $100 million first close of its Series D financing round, led by Ara Partners and APG Asset Management, to accelerate global commercial deployment of its proprietary H2Gen® technology — which produces clean hydrogen and high-purity CO₂ streams from industrial off-gases without electricity. The funding will support manufacturing expansion, project delivery, and commercial deployments across the Americas, Europe, and Asia in hard-to-abate industrial sectors including steel, refining, and petrochemicals.
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.
