Stonepeak, Bernhard in Advanced Talks to Buy Cleco Power
(Bloomberg) -- Stonepeak Partners LP and Bernhard Capital Partners are in advanced talks to buy Cleco Power from Macquarie Group Ltd., a sale that comes as electricity demand from data centers soars across the US.
The deal would value Cleco at more than $5 billion in enterprise value, according to people familiar with the matter who aren’t authorized to speak publicly. No final decision has been made and Macquarie could opt against pursuing a sale. It’s still possible that another bidder could emerge.
Cleco, which owns five Louisiana plants that run mostly on natural gas, was acquired in 2016 for about $4.7 billion including debt by an investor group led by Macquarie and British Columbia Investment Management Corp. In 2023, Cleco sold its subsidiary Cleco Cajun, an unregulated utility, for about $600 million.
Peakload previously reported that Bernhard was a potential buyer, according to Nola.com.
Utilities and independent power producers have drawn a surge of attention in recent years as demand for electricity climbs, driven by data centers, new factories and broader electrification. Louisiana has emerged as a data center hub, largely due to Meta Platforms Inc., which is building a facility in the state so large it requires three new gas plants to power it.
Bernhard is active in the energy and utilities sector. Late last year, it sold United Utility Services to Sandbrook Capital for about $1 billion including debt.
Representatives for Stonepeak, Bernhard and Macquarie declined to comment. Cleco representatives didn’t respond to a request for comment.
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