Latest Deals
Credit: GlobalData Financial Deals Database
Lazard emerges top M&A financial adviser in power sector in 2024
Lazard emerged as the top financial adviser for mergers and acquisitions (M&A) in the power sector in 2024 both by value and volume, according to analysis by Future Power Technology’s parent company, GlobalData. Lazard earned the leading position by advising on 23 deals with a total value of $22.8bn. UBS ranked second in deal, advising on $14.3bn worth of deals, followed by JP Morgan with $13.7bn. Rothschild & Co ranked second in volume with 19 deals, followed by PwC with 14.
Virginia Transformer exploring plans for $6bn sale
Virginia Transformer is exploring a sale that could value the company at more than $6bn amid rising electricity demand. The company is working with an adviser to assess buyer interest. The nearly 16% increase in US electricity demand forecasted over the next five years, fuelled by new data centres and factories, positions companies such as Virginia Transformer as potential acquisition targets.
Blackstone Energy to buy $1bn gas-fired power plant in Virginia
Blackstone Energy Transition Partners has agreed to acquire the 774MW Potomac Energy Center in Loudoun County, Virginia. Blackstone is paying around $1bn for the facility, which currently houses a quarter of current US data centre capacity. The Potomac Energy Center has been under the ownership of investment firm, Ares Management, since 2021.
US DOE grants $1.66bn to Plug Power to develop hydrogen facilities
The US Department of Energy (DOE) announced a $1.66bn loan guarantee to Plug Power’s subsidiary, Plug Power Energy Loan Borrower, to construct up to six clean hydrogen facilities. The funds, provided through the DOE’s Loan Programs Office (LPO), will facilitate the production of clean hydrogen using Plug Power’s electrolyser technology. The initiative aligns with the Biden-Harris administration’s strategy to bolster a clean energy economy.
