Calpine Corp.

717 Texas Avenue Suite 1000,
Houston, Texas 77002
United States,
(713) 830-2000
www.calpine.com

Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Company fleet of 80 power plants in operation or under construction represents approximately 26,000 megawatts of generation capacity. Through wholesale power operations and retail businesses Calpine Energy Solutions and Champion Energy, Company serve customers in 25 states, Canada and Mexico. Calpine clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner. Company are uniquely positioned to benefit from the secular trends affecting our 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.

M&A Summary

Buy vs Sell

Year ≤ '12 '13 '14 '15 '16 '17 T
Buy (1.0/yr) # 4 - 2 2 1 - 9
vol $2.1B $1.2B $740M $1.1B $5.0B
Sell (0.6/yr) # 8 1 1 - 1 - 11
vol $679M $400M $1.6B $396M $3.0B
  20

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Deal Values

Buy # TOTAL
> $1B Sign-up to View
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< $100M Sign-up to View
TOTAL Sign-up to View
Largest Conectiv Energy Holding Co., LLC
$1.7B (2010-04-21)
Sell # Total
> $1B Sign-up to View
$100M to $1B Sign-up to View
< $100M Sign-up to View
Total Sign-up to View
Largest Calpine Six Southeast Power Plants
$1.6B (2014-07-03)

Calpine was acquired by Energy Capital Partners, Access Industries And Canada Pension Plan Investment Board on August 18, 2017.

Calpine has acquired 9 companies of its own, including 6 in the last 5 years. It has also divested 11 assets.

Calpine’s largest acquisition to date was in 2010, when it acquired Conectiv Energy Holding for $1.7B. It’s largest disclosed sale occurred in 2014, when it sold Calpine Six Southeast Power Plants to LS Power Development for $1.6B. Calpine has acquired in 6 different US states, and 2 countries. The Company’s most targeted sectors include renewable energy (67%) and utilities (23%).

When analyzing the utilities sector as a whole, according to Mergr, in the last 3 years, there are 85 utilities companies that have made at least 1 acquisition, 5 have acquired at least 5 companies, and 1 has acquired more than 10 companies. The most prolific strategic utilities acquirer over the past 3 years is Pennsylvania American Water, with 8 acquisitions. The most prolific private equity acquirer in the utilities sector over the past 3 years is First Reserve Corp. with 2 platform acquisitions.

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