Data as of: 2026-10-04 Issued: 2026-10-04 (America/Toronto) Evidence key: CONFIRMED (primary source), REPORTED (multiple outlets), RUMORED (unverified market reporting), ANALYTICAL (inference).
ArcLight Capital Partners announced on September 30 that its fund has completed the acquisition of a 50 percent stake in IATP, a 5.4-gigawatt power portfolio comprising 11 power infrastructure assets across North America. The seller was InfraBridge, a division of DigitalBridge Group. Invenergy retains its existing 50 percent ownership interest and continues to operate the portfolio. Financial terms were not disclosed; Morgan Stanley advised ArcLight.
The portfolio combines a base of contracted revenue with near-term recontracting opportunities and potential expansion projects. Its combined-cycle facilities include the Grays Harbor Energy Center in Washington, the Nelson Energy Center in Illinois, the Lackawanna Energy Center in Pennsylvania and the St. Clair Energy Centre in Ontario. ArcLight framed the deal explicitly around surging electricity demand from AI, data centers and electrification.
The transaction is also a post-takeover portfolio move: DigitalBridge completed its $3.1 billion acquisition by SoftBank on September 30, and the InfraBridge sale of the IATP stake is the first visible reshaping of the portfolio under the new ownership. ArcLight, which has owned or operated more than 70 GW of assets representing over $90 billion of enterprise value since 2001, is adding dispatchable generation alongside an experienced operating partner.
With terms undisclosed, no valuation multiple can be calculated. The disclosed thesis — contracted cash flow plus recontracting and expansion optionality into AI-driven load growth — is the pattern to watch: thermal and flexible generation assets are being bought for their ability to serve data-center demand at speed, a premium that will only be testable when recontracting terms emerge.