Noreva in the media – Noreva data cited in S&P Global Market Intelligence (March 2026).
In brief: S&P Global Market Intelligence cited Noreva data in its March 2026 report on US utilities turning to private credit: dealmaking in the power and utilities sector reached $77.7 billion over the past year, according to Noreva.
Noreva, an energy market data and analytics provider (formerly Karbone Research), had its power and utilities dealmaking data cited in S&P Global Market Intelligence’s March 2026 report on why US utilities are turning to private credit to help fund new generation and grid capacity.
What the S&P Global coverage examined
The article examined how US utilities are financing growth driven largely by data centers and electrification, and why the usual funding sources are struggling to keep pace. Banks’ balance sheets are increasingly ill suited to the long-dated financing this buildout requires. Public bond markets often lack the flexibility utilities need on tenor, covenants, and drawdown structure. Private investment-grade credit has moved into that space, letting utilities negotiate financing terms directly with lenders rather than accept standard bond or bank covenants.
S&P Global’s reporting cited Noreva data showing that dealmaking in the power and utilities sector surged to $77.7 billion over the last year, up 79% from 2023 (Noreva, cited by S&P Global, 03/2026). Private credit providers are competing for a larger role in funding that buildout, and this figure is the data point the article used to size how quickly capital is moving into the sector.
Why it matters for asset owners and project finance teams
For the developers, investors, and project finance teams Noreva serves, financing structure shapes what an asset is worth and how fast it can get built. A shift toward private investment-grade credit affects the cost of capital, the covenants attached to it, and the pace at which projects move from permitting to operation. Noreva translates this kind of financing-market signal into transaction-aligned valuation and forward-curve inputs, tied to what a specific asset or portfolio is actually worth.
Frequently asked questions
How much power and utilities dealmaking happened in the past year?
Noreva data cited by S&P Global Market Intelligence showed power and utilities dealmaking reached $77.7 billion over the last year, up 79% from 2023 (Noreva, cited by S&P Global, 03/2026).
Why are US utilities turning to private credit?
Per S&P Global’s reporting, banks are increasingly ill suited for the long-dated financing utilities need to fund growth driven by data centers and electrification, and public bonds often lack the customization utilities require. Private investment-grade credit is filling that gap.
How does Noreva track power and utilities financing activity?
Noreva combines proprietary dealmaking and market data with transaction-aligned forward curves to translate financing and capital-markets activity into valuation inputs for power, capacity, and fuels assets.
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