LONDON – Pantheon Infrastructure PLC (LSE:PINT), a global infrastructure fund, has revealed details regarding the sale of Calpine Corporation, a major US electricity generator, to… Energy constellation Company (NYSE: NASDAQ:). The deal, announced on January 10, 2025, includes a combination of cash and Constellation stock, valuing Calpine shares at approximately $16.4 billion.
Selling through energy Capital Partners (WA:) to Constellation consists of approximately 25% in cash and 75% in Constellation stock, which will be subject to certain lock-in restrictions. The stock valuation is based on Constellation's 20-day average share price as of January 10, 2025. Completion of the sale is contingent on various regulatory approvals and approvals, expected over the next 12 months.
For Pantheon Infrastructure, the sale is significant because it represents the first milestone since its initial public offering (IPO) and is a key demonstration of the company's investment strategy. The transaction is expected to boost Pantheon's net asset value by approximately 3 pence per share, equivalent to a 2.6% increase over Pantheon's reported net asset value on September 30, 2024.
Calpine, one of the largest geothermal electricity generators in the United States, operates across multiple energy markets, including CAISO in California, ERCOT in Texas, and PJM, covering 13 states and the District of Columbia. The company's current power generation capacity is 27 gigawatts.
Pantheon Infrastructure's initial investment in Calpine was made in June 2022, valued at approximately US$54 million, with foreign exchange hedging tools used to mitigate potential currency risks.
Details on the expected use of the proceeds from the sale of Calpine will be provided by Pantheon Infrastructure in due course. The information disclosed is based on a press release issued by Pantheon Infrastructure PLC.
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