Energy Capital Partners (ECP) and a consortium of investors it led purchased Calpine through a $17b take private transaction in March 2018. ECP’s longstanding relationships and strong industry reputation allowed for an accelerated fundraising process through which ECP was able to source >$3.5 billion of outside capital for the transaction. In July 2022, ECP raised a $1.6 billion continuation fund to provide liquidity to existing investors, one of the largest single asset infrastructure focused continuation funds raised prior to 2023. ECP continues to control the board of directors of Calpine.
ECP is a leading investor in energy transition, electrification and decarbonization-focused infrastructure assets. Based in Summit, New Jersey, ECP is one the largest private owners of U.S. power generation assets, with 250+ power plants owned and 63,000+ MWs owned, operated, and developed. ECP’s deeply experienced team, collectively with over 600 years of cumulative energy experience, has invested across numerous energy transitions. As the energy transition accelerates, the high-quality businesses ECP partners with drive innovation, with ECP’s approach to natural gas power generation supporting the growth of electrification and aiming to achieve a reduction in greenhouse gas emissions. Since its inception in 2005, ECP has built a reputation of identifying and executing on high-quality infrastructure investments, primarily investing across five key asset classes: power generation, renewables, storage solutions, environmental infrastructure and sustainability, efficiency & reliability assets. The firm invests with the goal of powering a sustainable future.