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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, we added more than 2,700+ new private company transactions, bringing the total to over 32,000+ searchable deals across sectors, industries, and transaction types in Dakota Private Markets
Inside Dakota Private Markets, 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’s team 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 utility transactions.
ONEOK closed a $9 billion nonvoting minority equity investment from funds managed by Apollo, structured as a Class B interest in a new holding company, ONEOK Holdings, L.L.C., with returns capped at a 7.0% IRR for the first nine years. The proceeds fund ONEOK’s $4.425 billion acquisition of Brazos Midstream’s Permian Midland Basin assets (about 7.5x estimated 2027 EBITDA) and about $5 billion of debt extinguishment, reducing pro forma 2027 leverage to roughly 3.25x debt-to-EBITDA without issuing common equity. The Brazos acquisition is expected to close in the fourth quarter of 2026, subject to Hart-Scott-Rodino clearance.
Vertiv agreed to acquire Utility Innovation Holdings, Inc. (UtilityInnovation Group), a provider of microgrid solutions, advanced power controls, and behind-the-meter power architecture for data centers, for approximately $1.45 billion in cash at closing, plus up to $1.15 billion more in earnout payments tied to 12- and 24-month EBITDA targets. The upfront price is about 13x expected 2027 UIG EBITDA, a multiple that would fall significantly if the full earnout is paid, and the deal is expected to be accretive to adjusted EPS in the first year. The acquisition extends Vertiv upstream to the grid interconnect to help AI data center operators secure power faster, and it is expected to close in the fourth quarter of 2026, subject to regulatory approvals.
Select Water Solutions agreed to acquire Pilot Water Solutions, a private Delaware Basin water midstream company, for $700 million, consisting of $600 million in cash and $100 million of Class A common stock, plus a potential $15 million cash earnout. Pilot Water is expected to generate $120 to $130 million of EBITDA in 2027, supported by about 480,000 barrels per day of minimum volume commitments and 306,000 dedicated acres, with another $10 to $15 million of cost synergies targeted. The deal is expected to keep pro forma net leverage below 2.0x, lift Water Infrastructure to about 70% of Select’s pro forma profitability by 2027, and close in the fourth quarter of 2026, subject to Hart-Scott-Rodino clearance.
Constellation agreed to acquire 100% of RISEC Holdings, owner of the 609-megawatt Rhode Island State Energy Center, a natural gas combined-cycle plant in Johnston, R.I., from Shell Energy North America for $715 million, or about $580 million net of expected first-year tax benefits. The plant sells into the ISO New England wholesale market and will join Constellation’s merchant generation portfolio to support its growing New England customer business. The deal is expected to be immediately accretive and to return above Constellation’s 10% unlevered threshold, without affecting its $5 billion share repurchase plan, and it will close after customary regulatory approvals.
Excelsior Energy Capital completed the sale of its full equity interest in the Faraday Solar Plant to subsidiaries of Enel S.p.A. as part of a $760 million combined portfolio transaction, implying about $638.4 million for Faraday on a pro-rata basis. Faraday is a 525 MWAC solar facility in Utah County, Utah, that reached commercial operation in September 2025 and is fully contracted under a 20-year PPA with PacifiCorp. The sale is a full exit for Excelsior Renewable Energy Intermediate Fund I and Investment Fund II, and it is Excelsior’s largest single asset realization to date.
Want to track utility deal activity like this as it happens? Explore the full transactions tab in Dakota Private Markets for real-time, filterable data on every deal in this sector.
Aukera, a pan-European battery storage and renewable energy platform backed by AtlasInvest, Reggeborgh, and SFPIM, closed a €460 million structured credit facility led by EIG. The amended facility converts the prior accordion into a firmly committed €260 million Series 2 tranche on top of the original €200 million commitment. The capital will support Aukera’s projects across Belgium, the UK, Germany, Romania, and Italy, where it has close to 1 GW in construction or operation and a 14 GW development pipeline.
Dilip Buildcon entered into definitive agreements with Alpha Alternatives to divest its 51% stake in Mekhali Power Transmission, the special purpose vehicle developing a power transmission project in Karnataka. The project is valued at ₹2,171 crore in the article body, while the headline cites ₹2,914 crore, so the two figures are worth reconciling before publishing. Deal terms, consideration, and expected closing timing were not disclosed in the information provided.
Form Energy closed a $270 million credit facility made up of a revolving credit facility and a tax credit advance facility tied to Section 45X Advanced Manufacturing Production Credits. The tax credit advance facility has an accordion that can raise total credit to up to $1 billion. Barclays was sole structuring bank and initial coordinating lead arranger, and the proceeds will fund manufacturing scale-up of the company’s iron-air batteries at Form Factory 1 in Weirton, West Virginia, following its $750 million Series G round in August.
38 Degrees North closed an oversubscribed $260 million credit facility with Apterra Infrastructure Capital, an Apollo affiliate that served as Joint Lead Arranger, Administrative Agent, and Sole Bookrunner, with Stifel and National Bank of Canada as Joint Lead Arrangers. The proceeds will fund construction of approximately 85 MW of community solar projects across New York and Illinois. The financing follows 38DN’s HoldCo facility with EIG announced in August 2026 and brings the company’s total capital raised to more than $1.7 billion.
Econergy, an Israel-headquartered independent power producer, agreed to acquire Escofi, a private French onshore wind platform of about 740 MW, for €134 million ($155 million), marking its entry into the French market. Escofi has 128 MW in operation, 34 MW under construction, 147 MW in advanced development, and 432 MW in early and mid-stage development, with more than 90% of operational and under-construction capacity on 20-year CfD contracts. The deal brings Econergy’s total renewable portfolio to 13 GW, and Escofi’s 309 MW of operating, construction, and advanced projects are expected to generate €47-53 million of annual EBITDA on a representative-year basis.
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 Private Markets, 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 helps you cut through the noise and focus on what matters most.
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