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Canada Pension Board appoints voting director to Calpine's board

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Canada Pension Board appoints voting director to Calpine's board

The Canada Pension Plan Investment Board, or CPPIB, appointed Avik Dey as a voting director to Calpine Corp.'s board, effective July 2.

The CPPIB is among the group of investors who closed the purchase a 95.1% controlling stake in the Texas-based independent power producer in a $5.6 billion private buyout on March 8. The consortium was led by Energy Capital Partners LLC and included Access Industries Inc.

In April, the CPPIB sought the Federal Energy Regulatory Commission approval to expand its governance rights in Volt Parent LP, the entity that controls Calpine, including the right to appoint a director to Calpine's board. FERC approved CPPIB's request June 14.

The director would have the ability to vote on the hiring and firing of top Calpine executives, as well as the ability to vote all of its limited partner interests in Volt Parent.