The Geysers

ECP Announces Closing of $1.6 Billion Continuation Fund for Calpine Corporation

Retrieved on: 
Thursday, June 23, 2022

SUMMIT, N.J., June 23, 2022 /PRNewswire/ -- ECP today announced the successful completion of a continuation fund with $1.6 billion in capital commitments, and that the continuation fund has subsequently signed a purchase and sale agreement to acquire a portion of Calpine Corporation ("Calpine"), America's premier privately held competitive power company, from ECP III and ECP IV, along with Consortium investors.

Key Points: 
  • SUMMIT, N.J., June 23, 2022 /PRNewswire/ -- ECP today announced the successful completion of a continuation fund with $1.6 billion in capital commitments, and that the continuation fund has subsequently signed a purchase and sale agreement to acquire a portion of Calpine Corporation ("Calpine"), America's premier privately held competitive power company, from ECP III and ECP IV, along with Consortium investors.
  • The fund is supported by new and returning limited partners, and is anchored by Pantheon and existing consortium investor Phoenix Insurance.
  • The continuation fund provides ECP III and IV investors, as well as the consortium of investment partners, the opportunity to monetize a minority stake in their investment in Calpine while enabling new investors to invest in the company through the continuation fund.
  • Latham & Watkins served as legal counsel to ECP on the formation of the Continuation Fund.

Calpine Corporation Announces Closing of Senior Secured Notes Offering

Retrieved on: 
Wednesday, December 16, 2020

Calpine Corporation today announced the closing of $900,000,000 in aggregate principal amount of its 3.750% Senior Secured Notes due 2031 in a private placement.

Key Points: 
  • Calpine Corporation today announced the closing of $900,000,000 in aggregate principal amount of its 3.750% Senior Secured Notes due 2031 in a private placement.
  • Any net proceeds from the offering in excess of that used for the purposes described above will be used for general corporate purposes.
  • Calpine Corporation is Americas largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets.
  • Other than as required by law, Calpine Corporation undertakes no obligation to update or revise any such statements, whether as a result of new information, future events or otherwise.

Calpine Corporation Announces Pricing of Senior Secured Notes Offering

Retrieved on: 
Wednesday, December 2, 2020

Calpine Corporation today announced the pricing of $900,000,000 in aggregate principal amount of its 3.750% Senior Secured Notes due 2031 in a private placement.

Key Points: 
  • Calpine Corporation today announced the pricing of $900,000,000 in aggregate principal amount of its 3.750% Senior Secured Notes due 2031 in a private placement.
  • Any net proceeds from the offering in excess of that used for the purposes described above will be used for general corporate purposes.
  • Calpine Corporation is Americas largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets.
  • Other than as required by law, Calpine Corporation undertakes no obligation to update or revise any such statements, whether as a result of new information, future events or otherwise.

Calpine to Announce Third Quarter 2020 Results on November 13, 2020 and Debut of Debt Investor Portal

Retrieved on: 
Friday, October 23, 2020

Calpine Corporation plans to release third quarter 2020 financial results on Friday, November 13, 2020.

Key Points: 
  • Calpine Corporation plans to release third quarter 2020 financial results on Friday, November 13, 2020.
  • Calpine Corporation is Americas largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets.
  • Our fleet of 77 power plants in operation or under construction represents over 26,000 megawatts of generation capacity.
  • Through wholesale power operations and our retail businesses Calpine Energy Solutions and Champion Energy, we serve customers in 23 states, Canada and Mexico.

KBRA Assigns BBB Preliminary Ratings to Geysers Power Company, LLC’s Senior Secured Notes Due 2039

Retrieved on: 
Thursday, October 31, 2019

The proceeds of the Notes and the Term Loan will be used to prepay Calpine corporate debt, fund the Major Maintenance Reserve Account, and make a distribution to the sponsor.

Key Points: 
  • The proceeds of the Notes and the Term Loan will be used to prepay Calpine corporate debt, fund the Major Maintenance Reserve Account, and make a distribution to the sponsor.
  • The Geysers represents approximately 7% of the 33% RPS required by 2020 and is the largest portion of Californias baseload renewable capacity.
  • The BBB preliminary ratings on the Notes, which have an anticipated maturity date of December 2039, reflect KBRAs view of the projects strong operating history with a sustainably managed resource and its financial risk profile.
  • KBRA expects that The Geysers will continue to be successfully operated and maintained and that PPAs will be re-contracted as they mature.

Geysers Power Company, LLC Announces Senior Secured Notes Offerings

Retrieved on: 
Thursday, October 17, 2019

Geysers Power Company, LLC (GPC), an indirect wholly owned subsidiary of Calpine Corporation and the owner of 13 Geysers geothermal power plants and related assets (the Geysers Assets), today announced that it intends to offer Senior Secured Notes, Series A, due 2039 and Senior Secured Notes, Series B, due 2039 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.

Key Points: 
  • Geysers Power Company, LLC (GPC), an indirect wholly owned subsidiary of Calpine Corporation and the owner of 13 Geysers geothermal power plants and related assets (the Geysers Assets), today announced that it intends to offer Senior Secured Notes, Series A, due 2039 and Senior Secured Notes, Series B, due 2039 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.
  • The Senior Secured Notes, Series B, due 2039 will be fully amortizing according to a fixed sculpted amortization schedule.
  • The Geysers Assets were the largest renewable energy power generation asset portfolio in California in terms of MWh of renewable electricity produced in 2018.
  • All of the Geysers Assets are located in an area called The Geysers in the Mayacamas Mountains of northwestern California.