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 September alone, Dakota Marketplace added more than 2,000 new private company transactions, bringing the total to over 5,000 searchable deals across sectors, industries, and transaction types.
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.
1. Essential Utilities - Merger
- Transaction Date: 10/27/2025
- Industry: Water Utilities
- Type: Merger & Acquisition
- Transaction Value: $12B
- Participants: American Water Works Company Inc, BofA Securities, Inc., Skadden, Arps, Slate, Meagher & Flom LLP, Moelis & Company, Gibson Dunn & Crutcher LLP, Essential Utilities Inc
American Water (NYSE: AWK) and Essential Utilities (NYSE: WTRG) announced an all-stock, tax-free merger creating the largest regulated U.S. water and wastewater utility, with a combined enterprise value of $63 billion and serving 4.7 million connections across 17 states. The merger, expected to close by Q1 2027, will enhance scale, geographic diversity, and operational efficiency—remaining accretive to earnings in year one and supporting 7–9% long-term EPS and dividend growth under the combined American Water brand.
2. CenterPoint Energy’s Ohio natural gas business - Energy
- Transaction Date: 10/21/2025
- Industry: Gas Utilities
- Type: Real Assets
- Transaction Value: $2.62B
- Participants: CenterPoint Energy Inc, TD Securities Investment Banking, Wells Fargo Securities, LLC, Jones Day LLP, National Fuel Gas Company
National Fuel Gas Company (NYSE: NFG) announced it will acquire CenterPoint Energy’s Ohio natural gas utility business for $2.62 billion, doubling its regulated rate base to $3.2 billion and expanding operations into Ohio with 5,900 miles of pipeline serving 335,000 customers. The deal, expected to close in Q4 2026, will be immediately accretive to regulated earnings, strengthen National Fuel’s investment-grade credit profile, and support its 55-year streak of consecutive dividend increases.
3. Base Power Company - Series C
- Transaction Date: 10/248/2025
- Industry: Electric Utilities
- Type: Venture
- Transaction Value: $1B
- Participants: Lowercarbon Capital, Addition, Terrain Capital Management, Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed Venture Partners, Andreessen Horowitz (A16Z), Altimeter Capital Management, StepStone Global, 137 Ventures, Waybury Capital, Ribbit Capital, CapitalG, Spark Capital, Bond Capital Management, Avenir Management Company, Glade Brook Capital Partners, Positive Sum Ventures, 1789 Capital Management
Base Power, an Austin-based energy startup, raised $1 billion in Series C funding led by Addition, with participation from major investors including Andreessen Horowitz, Valor Equity Partners, Thrive Capital, and Lightspeed. The capital will accelerate Base’s nationwide expansion and fund construction of its first U.S. energy storage and power electronics factory in Austin, advancing its mission to deliver affordable, reliable, and domestically produced distributed power across America.
4. Sandow Lakes Energy Company - Direct Lending
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Transaction Date: 10/28/2025
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Industry: Independent Power and Renewable Electricity Producers
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Type: Credit
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Transaction Value: $450M
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Participants: Macquarie Asset Management
Macquarie Asset Management has provided a $450 million financing facility to Sandow Lakes Energy Station (SLES) to support construction of a 1.2 GW combined cycle gas turbine plant in Lee County, Texas, designed to power energy-intensive digital infrastructure. The funding enables SLES to secure critical Siemens gas turbines and advance site development, reflecting Macquarie’s expanding U.S. infrastructure debt strategy and commitment to innovative energy financing solutions amid growing grid demand from data and AI growth.
5. Dimension Energy - Asset-Based Lending (ABL)
- Transaction Date: 10/10/2025
- Industry: Electric Utilities
- Type: Credit
- Transaction Value: $412M
- Participants: MUFG Bank Ltd., First Citizens Bank, Ing Bank N.V., National Bank of Canada, Cadence Bank, Siemens, Advantage Capital, CRC-IB
Dimension Energy closed a $412 million financing package led by MUFG to fund a 134 MWdc community solar portfolio spanning Illinois, Maine, New Jersey, New York, Pennsylvania, and Virginia, marking the company’s largest financing to date. The 25-project portfolio—supported by $176 million in tax equity from Advantage Capital—will deliver at least 10% energy bill savings to subscribers, reinforcing Dimension’s mission to expand access to affordable, clean energy amid rising national electricity costs.
6. Return - Minority
- Transaction Date: 10/17/2025
- Industry: Independent Power and Renewable Electricity Producers
- Type: Growth Equity
- Transaction Value: $350M
- Participants: APG Asset Management
Amsterdam-based energy scale-up Return secured a €300 million growth equity investment from APG, acting on behalf of Dutch pension fund ABP, in exchange for a minority stake to accelerate its European grid-scale battery storage and flexibility platform. The partnership—one of the largest European energy storage financings of 2025—will help Return expand its pan-European network toward 5 GW by 2030, reinforcing investor confidence in battery infrastructure as a cornerstone of the continent’s clean energy transition.
7. Carbon Resilience - Reverse Merger
- Transaction Date: 10/8/2025
- Industry: Independent Power and Renewable Electricity Producers
- Type: Merger & Acquisition
- Transaction Value: $135M
- Participants: Kibo Energy PLC, Absolute Return Investment Advisers (Aria) Limited
Kibo Energy PLC (AIM: KIBO) announced plans to acquire Carbon Resilience Pte Ltd, a privately held Australian renewable energy company with a 14 GW portfolio of onshore wind, solar, and battery storage projects across Queensland, in a $135 million reverse takeover. The deal—structured through an all-share transaction—marks Kibo’s strategic pivot toward large-scale firmed clean power generation supporting industrial electrification, data centers, and green hydrogen production, and is expected to re-list the company on AIM following shareholder and regulatory approvals.
8. Eletronuclear - Strategic Acquisition
- Transaction Date: 10/16/2025
- Industry: Electric Utilities
- Type: Merger & Acquisition
- Transaction Value: $98M
- Participants: Grupo J&F, Centrais Elétricas Brasileiras S.A. - Eletrobrás
Eletrobras (BVMF:ELET) has sold its 68% non-controlling stake in Eletronuclear to J&F Group for R$535 million, transferring R$2.4 billion in debenture guarantees and fully releasing itself from future nuclear-related liabilities. The sale—part of Eletrobras’s post-privatization restructuring—removes a major legacy risk and enables the company to refocus on its core energy trading business, though it will record a non-cash provision due to the asset’s book value of R$7.8 billion.
9. Daylight Energy - Asset-Based Lending (ABL)
- Transaction Date: 10/16/2025
- Industry: Independent Power and Renewable Electricity Producers
- Type: Credit
- Transaction Value: $60M
- Participants: Turtle Hill Capital, LLC
Daylight Energy raised $75 million to expand its crypto-powered decentralized energy network, including $15 million in equity led by Framework Ventures with participation from a16z crypto, Coinbase Ventures, and others, and a $60 million project development facility from Turtle Hill Capital. The funding will scale Daylight’s subscription-based distributed solar and battery platform, which turns homes into decentralized power plants and introduces DayFi, a new DeFi yield protocol linking energy infrastructure revenues directly to on-chain investors.
10. Arbor - Series A
- Transaction Date: 10/21/2025
- Industry: Independent Power and Renewable Electricity Producers
- Type: Venture
- Transaction Value: $55M
- Participants: Lowercarbon Capital, Voyager Ventures, Gigascale Capital, Marathon Petroleum
Arbor Energy raised $55 million in Series A funding, co-led by Lowercarbon Capital and Voyager Ventures, with participation from Gigascale Capital and Marathon Petroleum, to advance its zero-emission turbine technology. The financing will fund completion of Arbor’s 1 MW ATLAS pilot and the commercial rollout of HALCYON, a modular, fuel-flexible 25 MW turbine using oxy-combustion and supercritical CO₂ for efficient, emission-free power generation—targeting the fast-growing demand from utilities, data centers, and industrial users seeking scalable 24/7 clean energy.
Transactions in Dakota Marketplace
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.
