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Access Industries to expand governance rights in Energy Capital Partners unit

In connection with the acquisition of Calpine Corp. by an investor group, Access Industries Inc. filed an application with the Federal Energy Regulatory Commission 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 the group of investors acquiring a 95.1% controlling stake in Calpine in a $5.6 billion private buyout. The acquisition is currently subject to regulatory approvals, including that of FERC.

Access Industries is seeking to exercise the right to convert its 13.8% passive stake in Volt Parent into active interest, under the commission's precedent, according to a Dec. 21 filing. Afterwards, Access Industries will be an active investor in Volt Parent.

The proposed transaction will take effect only after the Energy Capital Partners-led group has acquired Calpine, its utilities and a 26-GW portfolio that includes natural gas-fired and renewable assets across the U.S. and Canada. The merger transaction is expected to complete by March 31, 2018.

The commission has been asked to expedite the application and issue an order by Jan. 31, 2018. (FERC docket EC18-39)