trending Market Intelligence /marketintelligence/en/news-insights/trending/_jmm_0afhsv7ubrq_mavng2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Calpine strikes $800M deal for power retailer Noble Americas Energy Solutions

Assessing The Impact Of COVID-19 On Businesses: Changes Happening With More On The Way

Small Scale Solar Projects by the Numbers

Infographic: Solar Power by the Numbers - The U.S., Canada and Mexico

Industries Most and Least Impacted by COVID 19 from a Probability of Default Perspective March 2020 Update

Calpine strikes $800M deal for power retailer Noble Americas Energy Solutions

Toenhance its retail energy platform, Calpine Corp. entered a deal to acquire from Noble Americas Gas &Power Corp. for $800 million, plus an estimated $100 million of networking capital at closing.

SanDiego, Calif.-headquartered Noble Americas Energy Solutions supplies power tocommercial and industrial customers in 18 states, including California, Texas,the mid-Atlantic and Northeastern U.S., where Calpine's wholesale powergeneration fleet is primarily located.

"Inaddition to expanding our retail customer sales channels and product offerings,we will more than double the volume of retail load we are capable of servingacross the country from our complementary wholesale power generationfleet," said Calpine President and CEO Thad Hill in an Oct. 9 statement.

Calpinewill fund the deal using a combination of cash on hand and temporary bridgeloan financing of up to $550 million. The bridge facility will be repaid in2017 using proceeds from previously announced assets sales and cash fromoperations, including those generated from anticipated collateral synergies.

Calpineexpects to recover about $200 million through collateral synergies and runoffof acquired legacy hedges, substantially within the first year. This willresult in expected net cash deployed of about $700 million, including workingcapital, or about five times Noble Americas Energy Solutions' recent andexpected run-rate adjusted EBITDA.

Thetransaction, subject to shareholder and regulatory approvals and customaryclosing conditions, is expected to close by year-end 2016. At closing, NobleAmericas Energy Solutions will continue to operate under the leadership ofcurrent President Jim Wood.

NobleAmericas Gas & Power is a subsidiary of Noble Group Ltd.