Utility-Scale Non-Renewable Power Operators sector
Strategic acquirers, private equity (buyout funds and growth funds) firms, and valuation benchmarks for Utility-Scale Non-Renewable Power Operators
1.1 - About Utility-Scale Non-Renewable Power Operators sector
Companies in this category develop, own, and operate fossil and nuclear generating assets that provide dependable, dispatchable electricity. They structure long-term PPAs and capacity contracts, optimize plant availability, and supply grid stability services. As Utility-Scale Non-Renewable Power Operators, they monetize energy, capacity, and ancillary services while managing fuel supply chains and compliance to deliver predictable output and cost certainty for utilities and large commercial and industrial offtakers.
These operators design and develop combined-cycle gas turbine plants, coal-fired stations, oil and diesel peaker units, and cogeneration facilities, coordinating EPC delivery and grid interconnection. They run SCADA-driven operations and maintenance, execute fuel procurement and hedging, and implement emissions controls and environmental compliance. Many offer capacity market bidding, black-start and frequency regulation, turbine upgrades and retrofits, and LNG-to-power integration to enhance flexibility, efficiency, and reliability.
Primary customers include regulated electric utilities, municipal and cooperative utilities, and industrial offtakers such as manufacturers and data centers. Outcomes delivered include reliable baseload and flexible peaking capacity, improved grid resilience and ancillary services, predictable pricing through long-term contracts and hedging, and high availability via preventive maintenance and upgrades. These companies help buyers meet demand forecasts, manage risk, and comply with regional market and environmental standards.
2. Buyers in the Utility-Scale Non-Renewable Power Operators sector
2.1 Top strategic acquirers of Utility-Scale Non-Renewable Power Operators companies
Talen Energy
HQ: United States
Website
- Description: Provider of competitive energy and power generation services, owning or controlling 16,000 MW of capacity in structured wholesale markets across the Northeast, Mid-Atlantic and Southwest U.S.; through its Talen Energy Services subsidiary, the company also delivers mechanical contracting solutions such as process piping, HVAC construction and maintenance, energy-savings projects, plant upkeep and sheet-metal fabrication for industrial, institutional and commercial clients.
- Key Products:
- Wholesale Power Generation: Operates and markets 16,000 MW of generation assets across multiple U.S. regions, supplying competitive electricity into structured wholesale power markets and driving cash-flow from core generation operations
- Mechanical Contracting Services: Through eleven subsidiary companies, delivers turnkey mechanical contracting covering process piping, sheet-metal fabrication, plant maintenance and related industrial installations for diverse regional clients
- HVAC Construction & Maintenance: Designs, constructs and services heating, ventilation and air-conditioning systems, offering ongoing maintenance programs that ensure efficient operation for industrial, institutional and commercial facilities
- Energy Service/Savings Projects: Executes energy-efficiency initiatives that optimize facility performance, lower utility costs and generate measurable savings for customers through tailored retrofit and upgrade solutions.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
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2.2 - Strategic buyer groups for Utility-Scale Non-Renewable Power Operators sector
M&A buyer group 1: Nuclear Energy
53 companies
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Description: Companies in Utility-Scale Nuclear Generation Solutions design, build, fuel, and maintain nuclear power assets. Strategic buyers in this category deliver reactor technologies, EPC delivery, fuel enrichment and fabrication, digital control and safety systems, and lifecycle services that keep plants compliant and efficient. Customers rely on these providers to increase capacity factors, manage risk, and deliver predictable, low‑carbon baseload generation with improved uptime and cost discipline.
Mirion
- Type: N/A
- Employees: ●●●●●
- Description: Provider of nuclear radiation measurement technology and associated services, supplying instruments for research, environmental monitoring, radiation and occupational safety, nuclear fuel monitoring, and decommissioning projects. The company also delivers installation, commissioning, maintenance and training support to ensure safe, compliant operation of its systems.
- Key Products:
- Nuclear Radiation Measurement Systems: Integrated instruments that detect and quantify ionizing radiation for research labs and industrial sites, enabling precise environmental monitoring and occupational safety compliance
- Nuclear Fuel Monitoring Solutions: Specialized measurement devices that track radiation output of nuclear fuel assemblies, supporting safe handling, storage and performance assessment throughout the fuel lifecycle
- Decommissioning & Decontamination Project Services: Technical instrumentation and project expertise assisting dismantling of nuclear facilities, providing accurate radiation data to guide safe material removal and site remediation
- Installation
- Commissioning
- Maintenance & Training: End-to-end lifecycle services delivering onsite setup, system validation, preventative maintenance and user education to maximize measurement accuracy, uptime and regulatory compliance.
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Key Products: ████████, ████████, ████████, ████████
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Buyer group 3: ████████ ████████
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Key Products: ████████, ████████, ████████, ████████
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3. Investors and private equity firms in Utility-Scale Non-Renewable Power Operators sector
3.1 - Buyout funds in the Utility-Scale Non-Renewable Power Operators sector
2.2 - Strategic buyer groups for Utility-Scale Non-Renewable Power Operators sector
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4 - Top valuation comps for Utility-Scale Non-Renewable Power Operators companies
4.2 - Public trading comparable groups for Utility-Scale Non-Renewable Power Operators sector
Valuation benchmark group 1: Electric Power Generation Companies
40 companies
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Description: Public companies in this comps group own, operate, and optimize fleets of utility‑scale power plants across renewable and thermal technologies. They generate and sell electricity into wholesale markets and under long‑term PPAs, often alongside energy trading and capacity services. They are comparable because valuation is driven by contracted cash flows, merchant price exposure, capacity factors, fuel mix, and asset scale within electric power generation.
NextEra Energy
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of electric power and energy infrastructure, including generation, transmission, and distribution of electricity, focusing on clean energy solutions like wind, solar, and natural gas, serving residential, commercial, and industrial customers.
- Key Products:
- Electric Power Generation: Development and operation of power projects producing electricity from wind, solar, and natural gas
- Electric Transmission: Operation of electric transmission lines
- Electric Distribution: Distribution of electricity to residential, commercial, and industrial customers
- Renewable Energy Solutions: Provision of sustainable energy solutions for businesses
- Energy Storage: Implementation of battery storage facilities to support energy generation.
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Revenue growth
Median
15.7%
2025E
16.0%
2026E
EBITDA margin
Median
28.2%
2025E
28.6%
2026E
Cash EBITDA margin
Median
27.6%
2025E
28.0%
2026E
EV/Revenue
Median
8.4x
2025E
6.8x
2026E
EV/EBITDA
Median
28.9x
2025E
24.4x
2026E
EV/Cash EBITDA
Median
29.0x
2025E
25.5x
2026E
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