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 December alone, we added more than 2,500 new private company transactions, bringing the total to over 16,000 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: 1/7/2026
- Industry: Electric Utilities
- Type: Acquisition/Merger
- Transaction Value: $26.6B
- Participants: Canada Pension Plan Investment Board, Access Industries, Energy Capital Partners, Calpine Corporation, Constellation Energy Corporation, Lazard, J.P. Morgan Securities LLC, Kirkland & Ellis LLP, Evercore Wealth Management LLC, Morgan Stanley, Goldman Sachs & Co. LLC, Barclays Investment Bank, Latham & Watkins LLP, White & Case LLP
Constellation has completed its acquisition of Calpine from Energy Capital Partners in a cash-and-stock transaction, creating the largest electricity producer in the United States. The combination brings together Constellation’s nuclear fleet with Calpine’s natural gas and geothermal assets, strengthening the company’s ability to deliver reliable, low-emission power to meet growing demand from data centers, advanced manufacturing, and critical infrastructure.
- Transaction Date: 1/5/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Acquisition/Merger
- Transaction Value: $4.7B
- Participants: Quantum Capital Group, Vistra Corp, Goldman Sachs & Co. LLC, Latham & Watkins LLP, Sidley Austin LLP, Evercore Inc, King & Spalding LLP
Quantum Capital Group has agreed to sell approximately 90% of Cogentrix Energy’s modern natural gas generation portfolio to Vistra in a transaction valued at about $4.7 billion. The deal transfers roughly 5.5 GW of dispatchable power assets across key U.S. markets to Vistra, while Quantum retains an interest in the Cedar Bayou 4 plant and will become a shareholder in Vistra following the transaction’s expected close in mid-to-late 2026.
- Transaction Date: 1/20/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Credit
- Transaction Value: $355M
- Participants: Goldman Sachs & Co. LLC, Marathon Capital, Latham & Watkins LLP, Vinson & Elkins LLP
Radial Power has closed a $355 million tax equity and debt financing with Goldman Sachs to support the development and operation of a 214 MW distributed solar portfolio spanning 106 projects nationwide. The financing provides long-term institutional capital to efficiently monetize federal tax incentives while advancing commercial and community solar projects expected to reach operation in 2025 and 2026.
- Transaction Date: 1/12/2026
- Industry: Electric Utilities
- Type: Acquisition/Merger
- Transaction Value: $230M
- Participants: B.Grimm Power, Brookfield Asset Management Ltd
B.Grimm Power has acquired a 25% stake in New England Reliable Hydropower Holdings for approximately $230 million, expanding its presence in the U.S. renewable energy market. The investment provides exposure to a 406 MW hydropower portfolio with co-located battery storage in New England and supports B.Grimm’s long-term clean energy growth and net-zero objectives.
- Transaction Date: 1/12/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Credit
- Transaction Value: $200M
- Participants: Deutsche Bank AG
Aspen Power has secured a $200 million strategic capital commitment from Deutsche Bank to accelerate the development of its distributed solar and storage platform across the U.S. The financing strengthens Aspen Power’s balance sheet and supports expansion of community solar, commercial and industrial, small utility-scale, and storage projects as demand for clean energy continues to grow.
- Transaction Date: 1/21/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Real Assets
- Transaction Value: $185.4M
- Participants: EDP S.A., EDP Renováveis S.A., Prosolia Energy
Prosolia Energy has acquired a 229 MW solar portfolio in Spain from EDP Renováveis, adding five recently commissioned, fully operational solar parks secured by long-term PPAs with major industrial offtakers. The transaction significantly expands Prosolia’s operational capacity in its core Spanish market and supports its strategy to scale toward nearly 1 GW of operating assets while advancing its international growth as an independent power producer.
- Transaction Date: 1/21/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Venture
- Transaction Value: $115M
- Participants: Spring Lane Capital, Obvious Ventures, Union Square Ventures, Lowercarbon Capital, Munich Re Ventures, Susquehanna Sustainable Investments, Clearvision Ventures, Orion Resource Partners (Usa), LP, Safar Partners, Imperative Ventures, StepStone Group, Cross Creek Advisors, GVP Climate, Tranquillion, Carica Sustainable Investments, UP Partners, University Growth Fund
Zanskar has raised a $115 million Series C financing led by Spring Lane Capital to expand its AI-powered geothermal discovery platform and advance development of geothermal power plants across its multi-gigawatt pipeline in the Western U.S. The funding supports one of the largest geothermal exploration and development efforts to date, positioning Zanskar to deliver scalable, firm, clean power before 2030.
- Transaction Date: 1/21/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Venture
- Equity Investment: $97M
- Participants: Ignis Energy, Ormat Technologies, Carbon Direct Capital, Exa Ventures, Alfa8, Cubit Capital, Nabors Industries, Inc. and Subsidiaries, Abilene Partners
Ormat Technologies has made a $25 million equity investment in Sage Geosystems as part of a $97+ million Series B round co-led with Carbon Direct Capital, supporting the development of next-generation geothermal power and energy storage technologies. The investment, alongside a commercial partnership, accelerates Ormat’s expansion into enhanced geothermal systems and provides Ormat with rights to develop and operate projects using Sage’s proprietary Pressure Geothermal technology following a pilot at an existing Ormat facility.
- Transaction Date: 1/29/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Credit
- Transaction Value: $35M
- Participants: Breakwall Capital, Greenberg Traurig LLP, Vinson & Elkins LLP
Terra Energy closed a total of $105 million in new funding, including a $35 million green loan from Breakwall Capital, alongside prior equity investments from ARC PE and Azora Capital and credit facilities from Banesco and First Horizon Bank. The financing will support Terra’s rapid expansion of its residential solar subscription model from Florida into Texas and California, enabling homeowners to achieve up to 50% utility bill savings with no upfront costs or long-term contracts.
- Transaction Date: 1/26/2026
- Industry: Independent Power and Renewable Electricity Producers
- Type: Venture
- Transaction Value: $20M
- Participants: MIG Capital AG, N.I.S. New Investment Solutions AG
GlassPoint closed a $20 million funding round led by N.I.S. New Investment Solutions, with participation from existing investor MIG Capital, to accelerate the global expansion of its solar industrial process heat platform. The capital will support large-scale projects in the U.S. and Saudi Arabia and drive further deployment across the U.S. Southwest, Southern Europe, the Middle East, and South America, addressing the decarbonization of industrial heat with cost-competitive solar steam solutions.
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.
