ArcLight Capital Partners and InfraBridge announced a deal for ArcLight to acquire a 50% stake in the 5.4 GW Invenergy AMPCI Thermal Power portfolio (IATP). The portfolio includes 11 natural gas-fired combined cycle power plants across Washington, Illinois, Pennsylvania, and Ontario. Invenergy, backed by Blackstone and La Caisse, will retain ownership of the remaining 50% and operational control.

The assets, which generate 5.4 gigawatts of power capacity, are critical for meeting rising electricity demand driven by AI and electrification trends. ArcLight’s president, Angelo Acconcia, emphasized the portfolio’s strategic value in providing grid infrastructure and reliability. The transaction, pending regulatory approvals, is slated to close in Q2.

Morgan Stanley advised ArcLight on the acquisition, while BofA Securities represented InfraBridge. The move reflects growing consolidation in North America’s power generation sector, with institutional investors doubling down on infrastructure assets tied to energy transition and grid modernization.