VST Completes $2.2B Cash Acquisition of Cogentrix Energy's 5,496 MW Natural Gas Portfolio
· The NYC Memo
Vistra Corp. completed its acquisition of Cogentrix Energy (Q-Generation, LLC) from Q-Generation Holdings, LLC on October 30, 2026, for approximately $2.2 billion in cash plus 5,000,000 shares of Vistra common stock valued at $185 per share, with Vistra also assuming approximately $1.7 billion of outstanding indebtedness.
The deal encompasses 10 natural gas generation facilities totaling approximately 5,496 MW of capacity across PJM, ISO New England, and ERCOT markets, bringing Vistra's total generation portfolio to nearly 50,000 MW. Vistra delivered notice on November 2, 2026 of its intent to repay the assumed $1.7 billion in full — consisting of an $800 million credit facility under Cogentrix Finance HoldCo I, LLC and a $900 million credit facility under Hamilton Projects Acquiror, LLC — with full repayment expected on or about November 5, 2026.