US energy group Calpine has entered into an agreement to purchase Noble Americas Energy Solutions (NAES), the largest independent power supplier to commercial and industrial retail customers in the United States, for a purchase price of US$800m plus an estimated US$100m of net working capital at closing.
NAES currently supplies power to commercial and industrial customers in 18 states nationwide, including California, Texas, the Mid-Atlantic and north-eastern United States, where Calpine’s wholesale power generation fleet is primarily concentrated (more than 27 GW of operational or under construction gas-fired and renewable generation capacity). Calpine already supplies power in 20 US states and in Canada.
The transaction is expected to close by year end 2016, subject to customary closing conditions, approval by shareholders of Noble Group Ltd., approval from the Federal Energy Regulatory Commission and antitrust review under the Hart-Scott-Rodino Act.