Calpine To Acquire North American Power

Calpine Energy Services Holdco LLC has entered into a transaction under which it will indirectly acquire all of the membership interests of North American Power and Gas, LLC and North American Power Business, LLC from various private individuals and entities formed for the benefit of certain of their family members

As a result of the transaction, Calpine will ultimately own North American Power & Gas, LLC and North American Power Business, LLC (as well as various intermediaries as described below)

North American Power and Gas serves over 250,000 residential electricity and natural gas customers across 12 states. North American Power Business was recently launched to focus on the C&I market, with an initial launch in Texas

All of the membership interests of North American Power Business, LLC are owned by NAPB Holdco, LLC. All of the membership interests of North American Power and Gas, LLC are owned by North American Power and Gas Services, LLC (NAPGS), all of whose membership interests are owned by NAPGS Holdco, LLC. The membership interests of NAPB Holdco and NAPGS Holdco are owned by various private individuals and entities formed for the benefit of certain of their family members (collectively, "sellers").

Pursuant to a unit purchase agreement, Calpine Energy Services Holdco LLC will purchase all of the outstanding membership interests of NAPB Holdco and NAPGS Holdco from the sellers.

The unit purchase agreement is among the various Calpine and NA Power companies, and Carey Turnbull, in his capacity as the sellers’ representative

As previously reported, Calpine also recently entered into an agreement to acquire Noble Americas Energy Solutions. Calpine acquired Champion Energy Services last year

Calpine, which for the longest time was focused on wholesale only, apart from limited wholesale-like retail transactions, recently said that it is "doubling down" on its new retail strategy