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12 billion dollar power play

May 13, 2025

NRG to acquire 13 GW natural gas fleet and CPower VPP platform from LS Power for $12B

Strategic acquisition doubles NRG’s generation capacity and boosts earnings outlook.

  • Portfolio includes 18 gas-fired assets and C&I virtual power plant leader CPower

  • Adjusted EPS growth raised from 10% to 14% CAGR over five years

  • Purchase includes $6.4B in cash and $2.8B in NRG stock (~11% stake for LS Power)

Actis closes $1.7B for second long-life infrastructure fund focused on emerging markets

ALLIF2 targets brownfield assets in renewables, transmission, roads, and digital infra.

  • Nearly 50% deployed; pipeline exceeds $2B

  • Recent deals: solar in India (Stride Climate), transmission in Brazil

  • Assets backed by long-term contracts, inflation-indexed and currency-protected

  • Builds on $1.3B predecessor fund and part of $108B AUM platform post-General Atlantic merger

Kayne Anderson closes $2.25B energy PE fund, exceeding $1.5B target

KPEIF III is Kayne’s largest fund ever, focused on cash-generating oil and gas assets.

  • Total raised across strategy exceeds $2.8B

  • Deployed $3.7B+ across 15 portfolio companies through KPEIF I–III

  • Strategy focuses on scale, free cash flow, and equity distributions

Aemetis Biogas signs $27M contract with Centuri for 15 dairy digesters

Buildout supports RNG production from 50 dairies in California.

  • Sixteen dairies to be online by summer 2025 as part of Modesto-based project

  • Current pipeline: 36 miles of biogas network connected to PG&E

  • Biogas expected to generate over 1M MMBtu RNG annually

  • Other Aemetis projects include SAF and carbon sequestration development

Endolith seeks $20M Series A to scale copper-extracting microbes for mining

Biotech spinout from Cemvita aims to boost copper yields using bioleaching instead of acid.

  • Microbes sprayed onto crushed ore can unlock low-grade and previously processed copper deposits

  • Tech enables higher yields from 70%+ of global copper reserves deemed subeconomic

  • Lab-tested with BHP; field trials planned for 2025

  • Has raised $5.5M since late 2023 spinout; now targeting $15M–$20M Series A

Prometheus Hyperscale, PureWest, and Frontier partner for 1.2 GW zero-carbon Wyoming data center

Project to integrate low-carbon gas and biogenic carbon removal to power hyperscale infrastructure.

  • PureWest to supply verified low-carbon natural gas; Frontier to deliver 500K+ tCO₂ removals annually

  • Flagship data center site planned at 1.2 GW capacity with expansion potential

  • Biogenic CO₂ sourced from Mountain West; carbon credits used to offset emissions

  • Initiative aims to set a scalable model for sustainable data center design

ArcLight becomes largest owner of NGPL with 62.5% stake after acquiring Kinder Morgan’s 25% interest

9,100-mile pipeline system key to power, heating, and LNG markets in TX and LA.

  • NGPL features ~1M hp of compression and 288 Bcf of storage

  • Kinder Morgan retains 37.5% and continues to operate the system

  • ArcLight has owned/operated 65 GW+ of assets since 2001

Glencore signs 2 mtpa LNG offtake deal with Commonwealth LNG

Deal brings total long-term offtake at Louisiana facility to 3 mtpa; FID expected Q3 2025.

  • LNG sourced from Commonwealth’s 9.5 mtpa terminal in Cameron Parish

  • Includes gas supply from Kimmeridge Texas Gas under netback agreement

  • First LNG targeted for 2029; aligns with Glencore’s global LNG expansion strategy

Tamboran raises $55.4M via PIPE to fund Shenandoah South drilling campaign

Funding to support 40 MMcf/d pilot and Sturt Plateau compression facility.

  • $44.4M to close May 16; $11M pending shareholder approval

  • Campaign includes drilling 3 additional wells, stimulations, and flow testing

  • First gas expected mid-2026; BofA acted as sole placement agent

WhiteHawk to acquire PHX Minerals for $187M, expanding Haynesville royalty footprint

Deal adds 1.8M gross unit acres and boosts cash flow from 10,163 producing wells.

  • All-cash transaction at $4.35/share represents 21.8% premium

  • Post-deal, WhiteHawk will control 3.1M gross unit acres across U.S. gas basins

  • Funded via new equity and incremental debt; closing expected Q3 2025

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.