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April 18, 2014
13:30 EDTCPNCalpine sees sell six Southeast region power plants for $1.57B
Calpine announced that it has agreed to sell six power plants in its Southeast region to LS Power for $1.57B in cash, subject to working capital and other adjustments. The portfolio of assets comprises 3,498 MW of combined-cycle generation capacity in Oklahoma, Louisiana, Alabama, Florida and South Carolina. Calpine expects to utilize existing federal and state net operating losses to almost entirely offset the projected taxable gains from the sale. In addition, none of the assets included in the transaction are directly encumbered with project debt. Therefore, the transaction is expected to result in net cash proceeds of approximately $1.53B, which the company intends to allocate in a balanced manner that maintains leverage neutrality and is accretive to Adjusted Free Cash Flow Per Share.
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August 26, 2014
07:39 EDTCPNCalpine New England plant acquisition a postive, says Morgan Stanley
Morgan Stanley said Calpine's purchase of Fore River plant is a positive given attractive returns, accretive free cash flow, and demonstrates commitment to deploying excess cash. Shares are Overweight rated with a $29 price target, up from $27.
August 25, 2014
08:34 EDTCPNCalpine to acquire Fore River generating station in New England for $530M
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