ECP, Calpine Name President of Retail As ECP, Consortium Complete Acquisition of Calpine And Its Retail Suppliers

Calpine Corporation announced the completion of the previously reported acquisition of Calpine by an affiliate of Energy Capital Partners and a consortium of other investors, including Access Industries Inc. and Canada Pension Plan Investment Board (CPPIB).

Calpine owns retail suppliers Calpine Energy Solutions, Champion Energy Services and North American Power.

As a result of the completion of the acquisition, Calpine stockholders will receive an amount in cash equal to $15.25 per share of Calpine common stock. In connection with the completion of the acquisition, shares of Calpine common stock will cease trading on the New York Stock Exchange (NYSE) prior to the opening of the NYSE on March 9, 2018.

"We do not expect to make any changes to the way Calpine operates its business and intend to remain focused on providing the high level of service to which Calpine’s wholesale and retail customers have become accustomed. Finally, we do not intend to make any changes to the Company’s financial policy or previously announced deleveraging plan," said Tyler Reeder, a partner at Energy Capital Partners.

Thad Hill, President and Chief Executive Officer of Calpine said that the senior leadership team at Calpine will remain intact, with Thad Miller becoming Executive Vice Chairman and continuing as Chief Legal Officer

Notably, Jim Wood will continue to serve as President of Calpine Energy Solutions and also has been named President of Calpine Retail Holdings, LLC, with overall responsibility for the business activities for Calpine’s retail subsidiaries – Calpine Energy Solutions, Champion Energy Services and North American Power.

Other management includes: Executive Vice Presidents Zamir Rauf and Charlie Gates continuing in their current roles as Chief Financial Officer and Head of Power Operations, respectively; Andrew Novotny and Caleb Stephenson being promoted to Executive Vice Presidents to serve as co-heads of Commercial Operations, leading the company’s wholesale trading and origination businesses; Bryan Kimzey being promoted to Senior Vice President of Finance and Treasurer

In connection with the completion of the acquisition, Thad Hill, Tyler Reeder, Douglas Kimmelman, Andrew Singer, Andrew Gilbert and Donald Wagner became the voting directors of Calpine and Thad Miller was elected a non-voting director of Calpine. Tyler Reeder, Douglas Kimmelman, Andrew Singer and Andrew Gilbert were each appointed by Energy Capital Partners and Donald Wagner was appointed by Access Industries, Inc. Subject to receipt of certain regulatory approvals, CPPIB intends to appoint a voting director to Calpine’s Board of Directors.