On July 10, 2019, Calpine Corporation (the “Company”), through its indirect, wholly-owned subsidiaries Calpine Holdings, LLC and Calpine Northbrook Project Holdings, LLC, completed the previously reported sale of 100% of its ownership interests in Garrison Energy Center LLC (“Garrison”) and RockGen Energy LLC (“RockGen”) to Cobalt Power, L.L.C. for approximately $360 million, excluding certain working capital adjustments and the execution of contracts.

Garrison owns the Garrison Energy Center, a 309 MW natural gas-fired, combined-cycle power plant located in Dover, Delaware and RockGen owns the RockGen Energy Center, a 503 MW natural gas-fired, simple-cycle power plant located in Christiana, Wisconsin.

The Company plans to use the sale proceeds, together with cash on hand, to fund a dividend of $400 million to its parent, CPN Management, LP.

Cobalt Power is a unit of Starwood Energy Group Global, LLC

Tags:
Calpine   M&A   Starwood  

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