Stonepeak, Bernhard in Advanced Talks to Buy Cleco Power

Article content(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.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe 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.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentCleco, 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.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentPeakload previously reported that Bernhard was a potential buyer, according to Nola.com.Article contentUtilities 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. Article contentBernhard 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. Article contentRepresentatives for Stonepeak, Bernhard and Macquarie declined to comment. Cleco representatives didn’t respond to a request for comment.Article content—With assistance from Michelle F. Davis.Article contentTrending Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News Garry Marr: Bad news, gen Z — The Freedom 55 guy is still working in his 60s and you will be, too Retirement One tax change that could improve Canada's productivity and benefit all Personal Finance Atlantic Canada's energy isolation is getting worse as East-West pipeline divide persists Oil & Gas Canada commits $3.5 billion to boost critical minerals projects Mining Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News Garry Marr: Bad news, gen Z — The Freedom 55 guy is still working in his 60s and you will be, too Retirement One tax change that could improve Canada's productivity and benefit all Personal Finance Atlantic Canada's energy isolation is getting worse as East-West pipeline divide persists Oil & Gas Canada commits $3.5 billion to boost critical minerals projects Mining