Calpine to sell six power plants for $1.57B

Calpine (CPN) agrees to sell six U.S. power plants in the southeast and midwest to LS Power for $1.57B, in a deal announced Friday, as the company focuses on its electricity sales businesses in Texas, California and mid-Atlantic states.

The six power plants are scattered across the middle of the country where CPN doesn't operate many other electricity generating facilities; CPN says it wanted to sell additional plants but wasn't able to get the price it needed.

CPN plans to use proceeds to pay down debt, buy back shares and possibly buy new generation.

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