Calpine CorporationNYSE
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  • Mon, Oct. 10, 7:37 AM
    • Calpine (NYSE:CPN) agrees to acquire Noble Americas Energy Solutions, the largest U.S. independent supplier of power to commercial and industrial retail customers, from commodities trader Noble Group for $800M plus ~$100M of net working capital at closing.
    • CPN says it expects to recover ~$200M through collateral synergies and the runoff of acquired legacy hedges, mostly within the first year, resulting in expected net cash deployed of ~$700M, including working capital.
    • CPN says the deal will more than double the volume of retail load it is able to serve across the U.S. from its complementary wholesale power generation fleet.
    | Mon, Oct. 10, 7:37 AM | 1 Comment
  • Wed, Mar. 23, 3:39 PM
    • TransCanada (TRP -0.5%) is working with JPMorgan Chase to find buyers for more than $7B in assets to help finance its acquisition of Columbia Pipeline Group (CPGX +0.1%), Bloomberg reports.
    • Assets reportedly for sale include a portfolio of U.S. Northeast merchant power plants, including the Ironwood natural gas power plant in Pennsylvania, the Ravenswood gas- and oil-fired generation plant in New York, hydroelectric power assets in New England, the Kibby wind power operation in Maine, and Ocean State Power gas generation facilities in Rhode Island; a minority stake in TRP’s Mexican natural gas pipeline business also is up for sale.
    • The power plants could attract interest from P-E investors such as Blackstone, D.E. Shaw, Macquarie and Riverstone Holdings, as well as strategic peers including Calpine (CPN -2.8%) and NRG Energy (NRG -5.7%), Morningstar's Travis Miller says.
    | Wed, Mar. 23, 3:39 PM | 3 Comments
  • Oct. 13, 2015, 8:28 AM
    • Calpine (NYSE:CPN) agrees to acquire the Granite Ridge Energy Center gas-fired power plant from Granite Ridge Holdings for $500M.
    • CPN says the addition of Granite Ridge brings its New England footprint to ~2K MW of generation, making it "a meaningful supplier in one of the nation's leading wholesale power markets."
    • The 745 MW power plant, is located in Londonderry, N.H., ~45 miles northwest of Boston.
    | Oct. 13, 2015, 8:28 AM
  • Jul. 20, 2015, 10:15 AM
    • Calpine (CPN +0.1%) agrees to acquire residential electricity provider Champion Energy Services from Houston Astros owner Jim Crane and his Crane Capital Group for $240M.
    • CPN was one of the few top power generators without a residential retail arm, but the deal for Champion, with ~2.5M residential customers in Texas and the northeast U.S., will help it move into the sector.
    | Jul. 20, 2015, 10:15 AM
  • Sep. 3, 2014, 10:18 AM
    • Calpine (CPN -0.4%) will keep spending on acquisitions and share buybacks thanks to its ability to profit whether natural gas prices are high or low, CEO Thad Hill tells Bloomberg.
    • CPN's fleet of gas power plants is concentrated in combined-cycle natural gas, putting it in a better position than peers that have a mix of coal and nuclear plants, Hill says, and allows the company to make smaller profits when gas prices are below $4/MBtu as volume increases and bigger margins when prices are above $4 as revenue increases.
    • Hill says he sees potential in the the mid-Atlantic and Northeast as older plants retire and in Texas as the population and state economy gain.
    | Sep. 3, 2014, 10:18 AM