M&A Deal Summary

Lotus Infrastructure Partners Acquires Calpine - Two Contracted Power Plants

On April 11, 2019, private equity firm Lotus Infrastructure Partners acquired renewable energy company Calpine - Two Contracted Power Plants from Calpine

Acquisition Highlights
  • This is Lotus Infrastructure Partners’ 6th transaction in the Renewable Energy sector.
  • This is Lotus Infrastructure Partners’ 12th transaction in the United States.
  • This is Lotus Infrastructure Partners’ 3rd transaction in Texas.

M&A Deal Summary

Date 2019-04-11
Target Calpine - Two Contracted Power Plants
Sector Renewable Energy
Buyer(s) Lotus Infrastructure Partners
Sellers(s) Calpine
Deal Type Divestiture

Target

Calpine - Two Contracted Power Plants

Houston, Texas, United States
Calpine’s Two Contracted Power Plants include the Garrison Energy Center (325 MW combined-cycle, Delaware) and RockGen Energy Center (503 MW peaker, Wisconsin), both operating under long-term power contracts.

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Buyer(S) 1

Buyer

Lotus Infrastructure Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 7.6B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lotus Infrastructure Partners is a private equity firm that targets investments in energy infrastructure assets. Lotus Infrastructure Partners looks to invest in hard assets with strong contracted cash-flow. This includes opportunistic acquisitions as well as development-stage commitments. The Group's target investment size is $50 to $200 million. Lotus Infrastructure Partners was formed in 2005 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 12 of 20
Sector: Renewable Energy M&A 6 of 9
Type: Divestiture M&A Deals 3 of 7
State: Texas M&A 3 of 7
Country: United States M&A 12 of 19
Year: 2019 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-27 Hudson Project

Fairfield, Connecticut, United States

Hudson is a 660 MW, 345 kilovolt transmission line that will be built between Ridgefield, NJ and midtown Manhattan. The Hudson-sponsored project will include approximately eight miles of buried transmission cable, four miles of which will be installed beneath the Hudson River, and a converter station in Ridgefield that will convert alternating current (“AC”) power into direct current (“DC”) power for purposes of efficient transmission, and back to AC power for distribution to the New York Power Authority’s (“NYPA”) New York City customers. Hudson Project was founded in 2009 and is based in Fairfield, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-08 Lavaca Midstream

Lavaca County, Texas, United States

Lavaca Midstream provides 260 miles of natural gas gathering pipes and associated infrastructure and provides gathering and artificial gas lift services to local upstream clients focused on oil and gas production in the Eagle Ford. Lavaca Midstream is based in Lavaca County, Texas.

Buy -

Seller(S) 1

SELLER

Calpine

Houston, Texas, United States

Category Company
Founded 1984
Sector Utilities
Employees2,209
Revenue 6.5B USD (2015)
DESCRIPTION

Calpine is a generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Calpine was founded in 1984 and is based in Houston, Texas.


DEAL STATS #
Overall 13 of 13
Sector: Renewable Energy M&A 8 of 8
Type: Divestiture M&A Deals 11 of 11
State: Texas M&A 2 of 2
Country: United States M&A 12 of 12
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-09 Noble Americas Energy Solutions

San Diego, California, United States

Noble Americas Energy Solutions LLC is an independent supplier of power to commercial and industrial retail customers.

Buy $1.1B