Power Shift: Top Five Private Equity Trends in U.S. Energy

Troutman Pepper Locke published an analytical report titled “Power Shift: Top Five Private Equity Investment Trends in US Energy,” summarizing 2025 deal activity and investor perspectives across power, gas, renewables, storage, nuclear, and data center-driven demand.

• Main announcement/action: The report catalogs recent major deals and investment activity including Constellation Energy’s agreement to buy Calpine for $16.4 billion (deal due to close January 2026), Partners Group’s $2.2 billion purchase of a 1.9GW, 11-plant natural gas portfolio in California, and Pelican Energy Partners raising $450 million for a nuclear services fund (target was $300 million). It highlights data center-driven power demand (BCG: 40GW in 2024; forecast 81GW by 2028) and investor theses favoring an “all of the above” power solution and targeted infrastructure investments.
• Background and details: The piece summarizes investor interviews and market context: private equity strategies include investing in storage/midstream rather than drilling, funding solar manufacturing (e.g., Heliene), pursuing transmission upgrades, and targeting nuclear maintenance businesses with typical equity checks of up to $40 million per transaction. It references federal policy shifts under the Trump administration (e.g., executive order to support nuclear, permitting discussions led by Energy Secretary Chris Wright) and provides deal timelines and concrete figures where available.