Calpine Corporation — large IPP gas + geothermal fleet
ECP/Access/CPPIB consortium take Calpine private at $15.25/share. CPPIB committed $750M. $17B EV incl debt. Closed March 8, 2018. ECP later netted ~4x return when Constellation acquired Calpine for $26.6B in Jan 2025.
$5.60B
Deal Value
Natural Gas
Technology
TX
Location
Deal Details
- Deal Type
- Corporate M&A
- Seller / Sponsor
- Energy Capital Partners + Access Industries + CPPIB consortium
- Deal Value
- $5.6B equity / $17B EV
- Stage
- Operating
- ISO/RTO
- ERCOT, Multiple
- Source
- CPP Investments
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