August 18, 2017 - 1:03 PM
TORONTO - The Canada Pension Plan Investment Board is part of a group of investors buying U.S. power producer Calpine Corp. for US$5.6 billion.
The board said the all cash transaction, for which it's putting up US$750 million, helps add power and renewable assets to its expanding natural resources portfolio.
The deal, advised by Energy Capital Partners, will give CPPIB a stake in Houston-based Calpine, which has 80 power plants in operation or under construction and enough natural gas and renewable capacity to power about 20 million homes.
Calpine has operations in 18 states, including 13 geothermal geyser assets in northern California, as well as a partial interest in two generation stations in southwestern Ontario.
News from © The Canadian Press, 2017