Published: Fri, August 18, 2017
Markets | By Noel Gibbs

Power-Generation Company Calpine Agrees to Be Sold to a Consortium

Power-Generation Company Calpine Agrees to Be Sold to a Consortium

Power generator Calpine Corp (cpn), which owns some 80 power plants across the USA and Canada, said it has agreed to be bought by a group of investors led by Energy Capital Partners for $5.6 billion, having struggled in recent months with persistently low power prices.

Including debt, the transaction valued the largest generator of electricity from natural gas and geothermal energy in the United States at approximately $17bn.

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As of 1451 BST, the shares were higher by 9.41% to $14.76.

Calpine provided power to as many as 6.5m residential customers across the country.

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The company, which emerged from bankruptcy in 2008, has $11.31 billion in debt, as a net of current portion, as of June 30. As of Thursday, Calpine had a.

"For ECP and their consortium, it's a cash flow picture", Pourreza said. If it does, it has to pay a $142 million termination fee to the investor group.

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