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FERC approves Access Industries to expand rights in entity acquiring Calpine

Access Industries Inc. received approval from the Federal Energy Regulatory Commission on Feb. 16 to exercise an option to expand its governance rights in Volt Parent LP.

Volt Parent, a wholly owned subsidiary of Energy Capital Partners, is among a group of investors acquiring a 95.1% controlling stake in Calpine Corp. in a $5.6 billion private buyout. That deal is under FERC review. Under the transaction, Access Industries will convert its 13.8% passive stake in Volt Parent into an active interest.

Access Industries can complete the transaction only after the Energy Capital Partners-led group has acquired Calpine and its 26,000-MW portfolio that includes natural gas-fired and renewable assets across the U.S. and Canada, according to the filing.

The merger transaction is expected to complete by March 31. (FERC docket EC18-39)