ECP closes USD-1.6bn continuation fund to buy direct stake in Calpine

Energy transition-focused investor ECP has successfully closed a continuation fund with USD 1.6 billion (EUR 1.52bn) in capital commitments, which has then agreed to acquire a minority stake in natural gas and geothermal power producer Calpine Corporation.

ECP took Calpine private in 2018 alongside a consortium of investors. Now, the continuation fund is buying shares in Calpine from ECP III, ECP IV and a group of investment partners, allowing them to monetise a portion of their ownership.

The announcement did not specify the size of the stake being transferred, only noted that ECP's direct ownership interest in Calpine will increase as a result of the transaction.

Presently, Calpine operates 76 plants, including The Geysers geothermal energy complex in California, which is the largest in the world, and as a whole oversees a total electricity-generating capacity of almost 26 GW. According to the announcement, the company has a strong pipeline of solar, wind, battery storage, carbon capture, utilisation and storage (CCUS) and hydrogen projects.

(USD 1 = EUR 0.953)

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