Over the past month, Vistra has outperformed its sector peers, with its share price rising by 2% following two major announcements. First, the company agreed to acquire Cogentrix Energy for approximately $4 billion, expanding its generation portfolio with 10 thermal and renewable facilities totaling over 5,000 megawatts of capacity. Second, Vistra secured a 20-year power purchase agreement with Meta, under which Vistra will supply around 300 megawatts of carbon-free energy from its planned solar and battery projects in Texas. Together, these deals are expected to add roughly $600 million in annual contracted revenue and enhance Vistra’s clean energy footprint by nearly 15%.

On January 12, 2026, Vistra priced a private placement of $2.25 billion in senior secured notes through its wholly owned subsidiary, Vistra Operations Company LLC. The issuance comprises $1.0 billion of five-year notes due 2031 at 4.700% interest and $1.25 billion of ten-year notes due 2036 at 5.350% interest, sold to qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S. Proceeds will fund part of the Cogentrix acquisition consideration, refinance existing debt and cover transaction costs. The notes are secured by a first-priority lien on substantially all of the issuer’s assets and guaranteed by key subsidiaries, with collateral set to be released upon achieving an investment-grade rating on the parent’s senior unsecured debt from at least two major agencies.