- Press Releases
June 24 (Renewables Now) - Energy transition-focused investor ECP has successfully closed a continuation fund with USD 1.6 billion (EUR 1.52bn) in capital commitments, which has then agreed to acquire a minority stake in natural gas and geothermal power producer Calpine Corporation.
ECP took Calpine private in 2018 alongside a consortium of investors. Now, the continuation fund is buying shares in Calpine from ECP III, ECP IV and a group of investment partners, allowing them to monetise a portion of their ownership.
The announcement did not specify the size of the stake being transferred, only noted that ECP's direct ownership interest in Calpine will increase as a result of the transaction.
Presently, Calpine operates 76 plants, including The Geysers geothermal energy complex in California, which is the largest in the world, and as a whole oversees a total electricity-generating capacity of almost 26 GW. According to the announcement, the company has a strong pipeline of solar, wind, battery storage, carbon capture, utilisation and storage (CCUS) and hydrogen projects.
(USD 1 = EUR 0.953)