Energy Capital Partners along with a consortium of investors led by Access Industries and Canada Pension Plan Investment Board will acquire Calpine Corporation, a large power generation group in the United States for US$5.6bn (US$15.25 per share in cash).
Calpine Corporation is the largest generator of electricity from gas and geothermal resources in the United States, with operations in competitive power markets. It has a portfolio of 80 power plants in operation or under construction with a total capacity of approximately 26 GW. The group is active in 25 states, Canada and Mexico through wholesale power operations and its retail businesses Calpine Energy Solutions and Champion Energy.
The transaction is subject to approval by stockholders representing a majority of outstanding shares of common stock of Calpine. It is also subject to regulatory fillings under the Hart-Scott-Rodino Antitrust Improvements Act and the approval of the Federal Energy Regulatory Commission (FERC), New York Public Service Commission (NYPSC), the Public Utility Commission of Texas (PUCT) and other states, as necessary. The transaction is expected to close in the first quarter of 2018.
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