Calpine - M&A Summary, Ownership, and Business Overview

UtilitiesCompany

Calpine M&A Summary

Calpine has acquired 9 companies of its own. It has also divested 13 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%).

Calpine Ownership

Who owns Calpine?

Calpine is owned by Access Industries, CPP Investments and ECP. It was acquired on August 18, 2017.

Is Calpine PE-backed?

Yes. Calpine is owned by private equity investors Access Industries, CPP Investments and ECP.

Calpine Business Overview

Where is Calpine headquartered?

Calpine is headquartered in Houston, Texas.

What is Calpine’s revenue?

Calpine disclosed revenue of 6,472M USD for 2015 and 8,030M USD for 2014.

How many employees does Calpine have?

Calpine has 2,209 employees.

What sector is Calpine in?

Calpine is an utilities company.

When was Calpine founded?

Calpine was founded in 1984.

M&A Summary

  • M&A Total Activity22
    • M&A Buy Activity9
    • M&A Sell Activity13
  • Total Sectors Invested 3
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 19
  • M&A Advisors 1

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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.0/yr) # 9 - - - - - 9
vol $5.0B $5.0B
Sell (0.0/yr) # 13 - - - - - 13
vol $3.0B $3.0B
  22

Most Recent M&A

Company Date Value Type
Calpine Corp. - Two Contracted Power Plants 2019-04-11 - Divestiture
Houston, Texas
Noble Americas Energy Solutions LLC 2016-10-09 1.1B USD Divestiture
San Diego, California · www.noblesolutions.com
Calpine - Mankato Power Plant 2016-09-01 396M USD Divestiture
, Minnesota
Granite Ridge Energy Center 2015-10-13 500M USD Divestiture
Londonderry, New Hampshire
Champion Energy Marketing LLC 2015-10-01 240M USD Add-on Acquisition
Houston, Texas · www.championenergyservices.com
Exelon -Fore River Energy Center 2014-11-07 530M USD Divestiture
North Weymouth, Massachusetts
Calpine Six Southeast Power Plants 2014-07-03 1.6B USD Divestiture
, United States
Guadalupe Power Plant 2014-02-27 625M USD Divestiture
Guadalupe County, Texas
Riverside Energy Center LLC 2013-01-02 400M USD Divestiture
Beloit, Wisconsin
Calpine Power - Broad River Energy Center 2012-12-27 427M USD Divestiture
, South Carolina
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Renewable Energy 6 (67%) 2.1B (42%) 8 (62%) 2.5B (84%)
Utilities 2 (22%) 2.7B (54%) 3 (23%) 400M (13%)
Retail 1 (11%) 240M (5%) - -
Energy Services and Equipment - - 1 (8%) -
Oil/Gas Exploration - - 1 (8%) 97M (3%)
Total 9 $5.0B 13 $3.0B

By Geo

State/Country Buy Value Sell Value
United States 8 5.0B 12 3.0B
  Texas 3 1.3B 2 -
  Alabama 1 - 1 155M
  Colorado - - 2 -
  New Hampshire 1 500M - -
  Massachusetts 1 530M - -
  Delaware 1 1.7B - -
  California 1 1.1B - -
  Wisconsin - - 1 400M
  Washington - - 1 -
  South Carolina - - 1 427M
  Montana - - 1 -
  Minnesota - - 1 396M
Canada 1 - 1 -
  Ontario 1 - 1 -
Domestic 8 (89%) 5.0B (100%) 12 (92%) 3.0B (100%)
Cross-border 1 (11%) - 1 (8%) -
Total 9 $5.0B 13 $3.0B

Top M&A Advisors

Legal Deals
White & Case
1

Deal Values

buy # Total
> $1B 2 $2.7B
$100M to $1B 5 $2.3B
TOTAL $5.0B
Largest Conectiv Energy Holding Co., LLC
$1.7B (2010-04-21)
sell # Total
> $1B 1 $1.6B
$100M to $1B 4 $1.4B
< $100M 1 $97M
TOTAL $3.0B
Largest Calpine Six Southeast Power Plants
$1.6B (2014-07-03)

M&A Connections

Deals
Acquired from
Strategic(s)
67%
6 (67%)
Divested to
Investor(s)
23%
3 (23%)
Strategic(s)
77%
10 (77%)

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