Stonepeak and Bernhard Capital Partners are acquiring US electric utility Cleco from a consortium comprising Macquarie Asset Management, British Columbia Investment Management Corporation (BCI) and Manulife Investment Management for an undisclosed sum.
Based in Pineville, Louisiana, Cleco operates through Cleco Power and serves approximately 298,000 residential, commercial and industrial customers across 24 parishes. The company owns eight generating units with a total rated capacity of 2,676MW.
Bill Fontenot, president and CEO at Cleco, said: “Cleco provides safe, reliable and affordable electricity to our customers in support of their quality of life, and we take pride in the work of our dedicated, local employees who support the communities in which we all live.
“Cleco’s employees are central to our success. In the last decade, we’ve become more safe, efficient and modern. With support from new partners Stonepeak and Bernhard, we can strengthen system reliability and encourage regional economic growth. This transaction marks an important day for our community, our customers and our company.”
Rob Kupchak, senior managing director at Stonepeak, said: “We have a deep appreciation for the critical role Cleco plays in the communities it serves and look forward to partnering with Cleco and Bernhard to support management’s key initiatives.
“We are excited to extend our track record of investing in Louisiana’s energy infrastructure and believe Cleco is well positioned to be a driver of economic growth within its service territory, while providing dependable service to its customers.”
Jeff Jenkins, founder and partner at Bernhard, said: “This investment advances Bernhard Capital Partners’ focus on strengthening the nation’s critical energy infrastructure, building more resilient communities and accelerating innovation across the energy sector. It also reflects our continued investment in Louisiana—its people, its economy and its future.
“Our partnership combines Bernhard’s operational expertise and deep local knowledge alongside Stonepeak’s experience with similar mission-critical companies to build upon Cleco’s century of service in our state. Together, we will drive meaningful economic growth while continuing Cleco’s legacy of delivering essential energy service to communities across Louisiana.”
Aaron Rubin, senior managing director and head of Americas energy infrastructure at Macquarie Asset Management, said: “Cleco’s progress in recent years reflects its strong collaboration with Louisiana communities, regulators and political leaders to build a more reliable system that meets customers’ evolving needs and supports economic growth across its service territory.
“It has been our privilege to have served as a steward of Cleco over the past 10 years as the company has navigated both challenges, such as maintaining high service standards during COVID-19 and the hurricanes of 2020 and 2021, and better times such as the growth phase the region has seen over the last few years.”
Lincoln Webb, EVP and global head, infrastructure and renewable resources at BCI, said: “Together with Macquarie and our consortium partners, we’ve worked closely with Cleco’s management team to strengthen and modernise its operations through long-term, targeted capital investments, reinforcing the company’s readiness to meet growing power demand across the region.”
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