Energy Capital Partners

In August 2017, ECP announced the $17 billion take-private of Calpine, which closed on the transaction in March 2018. Calpine Corporation is one of America’s largest generators of electricity from natural gas and geothermal resources with a portfolio of 77 power plants accounting for approximately 26,000 megawatts of generation capacity. Through its wholesale power operations and retail businesses, Calpine serves customers in 22 states, Canada and Mexico. Calpine’s clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner. Calpine is positioned to benefit from the secular trends affecting the power industry, including the abundant and affordable supply of clean natural gas, environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. Calpine’s Baytown Decarbonization Project will capture approximately two million metric tons of carbon dioxide for permanent sequestration each year, while Calpine’s Sutter Decarbonization Project will capture up to 1.75 million metric tons of carbon dioxide for permanent sequestration each year, helping California accomplish its net zero emissions targets. ECP today announced the successful completion of a continuation fund with $1.6 billion in capital commitments, and that the continuation fund has subsequently signed a purchase and sale agreement to acquire a portion of Calpine Corporation ("Calpine"), America's premier privately held competitive power company, from ECP III and ECP IV, along with Consortium investors. The fund is supported by new and returning limited partners, and is anchored by Pantheon and existing consortium investor Phoenix Insurance. The continuation fund provides ECP III and IV investors, as well as the consortium of investment partners, the opportunity to monetize a minority stake in their investment in Calpine while enabling new investors to invest in the company through the continuation fund. ECP's direct ownership stake in Calpine will increase as a result of this transaction. Calpine Corporation (Calpine), America’s premier privately held competitive power company, published its first-ever sustainability report today. The report highlights Calpine’s performance through an environmental, social and governance (ESG) lens, examining the company’s state-of-the-art portfolio of clean, flexible, and reliable power plants and renewable generation. Today, Calpine is the nation’s largest generator of electricity from natural gas and geothermal resources, generating more than 111 million megawatt hours (MWh) in 2020. We are pleased to announce that Energy Capital Partners’ $17 billion take-private of one of the largest natural gas generators in the U.S. (with 80 natural gas and geothermal power plants representing 26 GW in total capacity) was named Private Equity International Infrastructure Investor’s North American Deal of the Year, edging out CPPIB’s C$1.75 billion joint venture with Enbridge Inc. and Transurban’s acquisition of a toll road in Montreal, Canada. Calpine Corporation (NYSE: CPN) today announced the completion of the acquisition of Calpine by an affiliate of Energy Capital Partners and a consortium of other investors, including Access Industries Inc. and Canada Pension Plan Investment Board (CPPIB). Calpine Corporation (NYSE:CPN), America’s largest generator of electricity from natural gas and geothermal resources, today announced that it has entered into a definitive agreement under which Energy Capital Partners (Energy Capital or ECP) along with a consortium of investors led by Access Industries and Canada Pension Plan Investment Board will acquire Calpine for $15.25 per share in cash, or $5.6 billion. Today, we are announcing that we have entered into an agreement with Broad River Power, LLC, a wholly owned subsidiary of Energy Capital Partners, LLC, to sell our Broad River Energy Center, an 847 MW natural gas-fired, simple-cycle power plant in South Carolina, for $427 million plus adjustments, or approximately $504/kW.