Pantheon Infrastructure buys US power company

Pantheon Infrastructure has invested approximately $58m (£47.3m at current exchange rates) in independent US power producer Calpine Corporation.

Calpine Corporation is one of the largest generators of electricity from natural gas and geothermal resources in the US, with operations across the CAISO (California), ERCOT (Texas), and PJM (13 states and the District of Columbia) power markets and current power generation capacity of 26 GW. This sector is benefitting from strong secular tailwinds, fuelled by a growing demand for electricity and sustainable sources of energy production.

Calpine has a strong renewables development pipeline of solar and battery projects, financeable through the cash flows generated by existing assets, which are projected to nearly triple its renewables power generation capacity over the next five to six years.

Calpine is a vital supplier to the US electricity grid, providing reliable power generation capacity and playing an important role in the energy transition as the US targets Net Zero by 2050. It benefits from highly predictable diversified cash flows underpinned by contracts and is supported by a robust hedging programme.

PINT invested alongside ECP, a leading investor across energy transition and decarbonisation infrastructure assets. This marks the investment’s completion after it was previously announced in the company’s deployment update on 29 April 2022.

PINT : Pantheon Infrastructure buys US power company

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