20:05 | 08.03.2018
Consortium Led by Energy Capital Partners Completes Acquisition of Calpine Corporation; Announces Management Roles and Board of Directors

Calpine Corporation (NYSE: CPN) today announced the completion of the
acquisition of Calpine by an affiliate of Energy Capital Partners and a
consortium of other investors, including Access Industries Inc. and
Canada Pension Plan Investment Board (CPPIB).

As a result of the completion of the acquisition, Calpine stockholders
will receive an amount in cash equal to $15.25 per share of Calpine
common stock. In connection with the completion of the acquisition,
shares of Calpine common stock will cease trading on the New York Stock
Exchange (NYSE) prior to the opening of the NYSE on March 9, 2018.

Lazard served as financial advisor and White & Case LLP served as legal
advisor to Calpine. Barclays Capital Inc. served as financial advisor
and Latham & Watkins LLP served as legal advisor to Energy Capital

“Energy Capital Partners is excited to begin this long-term partnership
with Calpine and its extremely talented employees and leadership,” said
Tyler Reeder, a partner at Energy Capital Partners. “We do not expect to
make any changes to the way Calpine operates its business and intend to
remain focused on providing the high level of service to which Calpine’s
wholesale and retail customers have become accustomed. Finally, we do
not intend to make any changes to the Company’s financial policy or
previously announced deleveraging plan.”

“The Calpine team is very much looking forward to continuing to work
with our customers,” said Thad Hill, President and Chief Executive
Officer of Calpine. “We also want our customers, trading partners,
regulators and others with whom we interact to know that Calpine will
continue to be a leader in the industry as a power producer and retail
energy provider as well as a strong advocate for competitive markets.”

Mr. Hill noted that the senior leadership team at Calpine will remain
intact with Thad Miller becoming Executive Vice Chairman and continuing
as Chief Legal Officer; Executive Vice Presidents Zamir Rauf and Charlie
Gates continuing in their currents roles as Chief Financial Officer and
Head of Power Operations, respectively; Andrew Novotny and Caleb
Stephenson being promoted to Executive Vice Presidents to serve as
co-heads of Commercial Operations, leading the company’s wholesale
trading and origination businesses; Bryan Kimzey being promoted to
Senior Vice President of Finance and Treasurer; and Jim Wood will
continue to serve as President of Calpine Energy Solutions and also has
been named President of Calpine Retail Holdings, LLC, with overall
responsibility for the business activities for Calpine’s retail
subsidiaries – Calpine Energy Solutions, Champion Energy Services and
North American Power.

In connection with the completion of the acquisition, Thad Hill, Tyler
Reeder, Douglas Kimmelman, Andrew Singer, Andrew Gilbert and Donald
Wagner became the voting directors of Calpine and Thad Miller was
elected a non-voting director of Calpine. Tyler Reeder, Douglas
Kimmelman, Andrew Singer and Andrew Gilbert were each appointed by
Energy Capital Partners and Donald Wagner was appointed by Access
Industries, Inc. Subject to receipt of certain regulatory approvals,
CPPIB intends to appoint a voting director to Calpine’s Board of
About Calpine
Calpine Corporation is America’s largest generator of electricity from
natural gas and geothermal resources with operations in competitive
power markets. Our fleet of 80 power plants in operation or under
construction represents approximately 26,000 megawatts of generation
capacity. Through wholesale power operations and our retail businesses Calpine
Energy Solutions and Champion Energy,
we serve customers in 25 states, Canada and Mexico. Our clean,
efficient, modern and flexible fleet uses advanced technologies to
generate power in a low-carbon and environmentally responsible manner.
We are uniquely positioned to benefit from the secular trends affecting
our industry, including the abundant and affordable supply of clean
natural gas, environmental regulation, aging power generation
infrastructure and the increasing need for dispatchable power plants to
successfully integrate intermittent renewables into the grid. Please
to learn more about how Calpine is creating power for a sustainable
About Energy Capital Partners
Energy Capital Partners is a private equity and credit investment firm
with over $13 billion in capital commitments. The firm focuses on
investing in the traditional and renewable power generation, midstream
oil and gas, electric transmission, environmental infrastructure and
related energy services sectors of North America’s energy
infrastructure. For more information, visit
About Access Industries
Access Industries is a privately held, U.S.-based industrial group with
global strategic investments. Founded in 1986 by Len Blavatnik, an
American entrepreneur and philanthropist, the group is headquartered in
New York, with offices in London and Moscow. Access invests in
industries where it can maximize long-term value by developing regional
and global leaders. Its industrial focus spans four key sectors: natural
resources and chemicals; media and telecommunications; real estate and
hospitality; and venture capital. For more information, visit
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional
investment management organization that invests the funds not needed by
the Canada Pension Plan (CPP) to pay current benefits on behalf of 20
million contributors and beneficiaries. In order to build a diversified
portfolio of CPP assets, CPPIB invests in public equities, private
equities, real estate, infrastructure and fixed income instruments.
Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg,
Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and
managed independently of the Canada Pension Plan and at arm’s length
from governments. At December 31, 2017, the CPP Fund totaled C$337.1
billion. For more information about CPPIB, please visit
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