MAPPING PRIVATE EQUITY’S GAS FLEET

The report reveals that twenty major private equity firms are linked to nearly 60 gigawatts of operating gas-fired power capacity globally, emitting an estimated 82 million metric tons of CO2e annually. This fleet spans 27 countries, with significant concentrations in the United States, Togo, Panama, Jamaica, and the Philippines. The document highlights a growing financial convergence where private equity firms are investing in both AI data centers and the fossil fuel power plants required to run them, potentially deepening carbon lock-in. Specific examples include BlackRock's pursuit of AES Corp and Blackstone's acquisition of TXNM.

• Twenty influential private equity firms are linked to nearly 60 gigawatts of operating gas-fired power capacity globally, with an additional 5.9 gigawatts in the planning pipeline. This operating capacity is so large that if it were a single national fleet, only six countries—the United States, China, Russia, Saudi Arabia, Japan, and Iran—would have larger gas-fired capacities.
• The private equity-backed gas fleet, consisting of 147 power plants across 35 portfolio companies, emits approximately 82 million metric tons of CO2e per year. Alpha Generation, backed by ArcLight, is the highest emitter in the group, producing an estimated 17 million metric tons of CO2e annually.
• Private equity ownership of gas capacity is highly concentrated in certain regions. While the US holds 35 gigawatts (about 6% of its total operating gas-fired power), private equity is linked to more than half of the operating gas capacity in Togo and Panama, and roughly one-third in Jamaica and the Philippines.
• There is a strategic alignment between private equity investments in AI data centers and fossil fuel power generation. Since January 2022, private equity firms have spent nearly $200 billion on over 450 data center companies globally. This is coinciding with a trend of snapping up existing generators and cancelling retirements of aging gas and coal plants to meet AI's electricity demand.
• Major asset managers are consolidating control over utility infrastructure. BlackRock, via Global Infrastructure Partners (GIP), secured a $6.2 billion acquisition of ALLETE Inc. and is pursuing a $38 billion takeover of AES Corp. Blackstone announced a $11 billion acquisition of TXNM, the parent company of the Public Service Company of New Mexico.

APA

Hurley, A., & Mendoza, A. (2025). MAPPING PRIVATE EQUITY’S GAS FLEET. Private Equity Climate Risks. https://www.peclimaterisks.org/wp-content/uploads/2025/11/PECR_Report_PE-Gas-Fleet_2025-compressed.pdf

Chicago

Hurley, Alex, and Amanda Mendoza. MAPPING PRIVATE EQUITY’S GAS FLEET. Private Equity Climate Risks, 2025. https://www.peclimaterisks.org/wp-content/uploads/2025/11/PECR_Report_PE-Gas-Fleet_2025-compressed.pdf.

Wikipedia

{{cite report |last1=Hurley |first1=Alex |last2=Mendoza |first2=Amanda |title=MAPPING PRIVATE EQUITY’S GAS FLEET |publisher=Private Equity Climate Risks |date=November 2025 |url=https://www.peclimaterisks.org/wp-content/uploads/2025/11/PECR_Report_PE-Gas-Fleet_2025-compressed.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{hurley2025mapping, author = {Hurley, Alex and Mendoza, Amanda}, title = {{MAPPING PRIVATE EQUITY’S GAS FLEET}}, institution = {Private Equity Climate Risks}, year = {2025}, month = nov, url = {https://www.peclimaterisks.org/wp-content/uploads/2025/11/PECR_Report_PE-Gas-Fleet_2025-compressed.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }