Pantheon Infrastructure (PINT) has made a $58m (€55m) investment in independent US power producer Calpine Corporation.

The London-listed global infrastructure fund said it invested alongside infrastructure investor ECP.

Calpine, which has a current power generation capacity of 26GW, is one of the largest generators of electricity from natural gas and geothermal resources in the US, with operations across California, Texas, and 13 states and the District of Columbia power markets.

Calpine has a renewables development pipeline of solar and battery projects which are projected to nearly triple its renewables power generation capacity over the next five to six years.

Richard Sem, a partner at Pantheon, PINT’s investment manager, said: “This is a really exciting investment in a company that has a vital role to play in the US energy mix – and in supporting the country’s transition to net-zero.

“We are delighted to invest alongside ECP and to support Calpine’s own shift towards renewable energy, as we continue to build out PINT’s portfolio.”

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