ECP today announced the successful completion of a continuation fund with $1.6 billion in capital commitments, and that the continuation fund has subsequently signed a purchase and sale agreement to acquire a portion of Calpine Corporation ("Calpine"), America's premier privately held competitive power company, from ECP III and ECP IV, along with Consortium investors. The fund is supported by new and returning limited partners, and is anchored by Pantheon and existing consortium investor Phoenix Insurance. The continuation fund provides ECP III and IV investors, as well as the consortium of investment partners, the opportunity to monetize a minority stake in their investment in Calpine while enabling new investors to invest in the company through the continuation fund. ECP's direct ownership stake in Calpine will increase as a result of this transaction.

Since ECP originally acquired the company in 2018, Calpine's strategically located natural gas and geothermal assets have served as the backbone of the energy transition. The company remains committed to enhancing its industry-leading commitment to environmental stewardship and low-carbon power generation and has a strong pipeline of solar, wind, battery storage, Carbon Capture, Utilization & Storage and hydrogen projects to further transform its business. Calpine currently operates 76 plants, including The Geysers, the largest geothermal electrical generation complex in the world, generating approximately 7% of California's 2020 Renewable Portfolio Standard requirement. The company today oversees a total electricity-generating capacity of nearly 26 gigawatts, enough to power approximately 20 million homes.

"As the owner of one of the largest and cleanest natural gas fleets in the U.S. today with a material and growing green energy business, including its geothermal assets and near-term project pipeline, Calpine is well positioned to serve as a model for environmentally responsible power generation amidst the ongoing energy transition," said Tyler Reeder, Managing Partner at ECP. "We are thrilled to continue supporting the talented Calpine team as it builds on the incredible momentum across the business and seeks to provide clean, safe and reliable power for a growing base of demand across the country."

PJT Partners served as financial advisor on the Continuation Fund transaction. Latham & Watkins served as legal counsel to ECP on the formation of the Continuation Fund.

About Calpine
Calpine Corporation is America's largest generator of electricity from natural gas and geothermal resources with operations in major competitive wholesale and retail power markets across the U.S. Through wholesale power operations and our retail businesses, Calpine's diverse team of approximately 2,300 employees serves customers across 22 states, Canada and Mexico. Calpine operates a fleet of 76 power plants representing nearly 26,000 MW of generation capacity. Environmental stewardship is fundamental to Calpine's philosophy and culture; in addition to operating the largest geothermal facility in the world and the youngest, most efficient fleets of gas-fired power plants, Calpine has been a long-time advocate of the Clean Power Plan, Paris Agreement, carbon pricing and decarbonization.

About ECP
ECP, founded in 2005, is a leading investor across energy transition, electrification and decarbonization infrastructure assets, including power generation, renewables and storage solutions, environmental infrastructure and efficiency & reliability assets facilitating the energy transition. The ECP team, comprised of 63 people with 500 years of collective industry experience, deep expertise and extensive relationships, has consummated more than 60 transactions over the last 10 years, representing more than $45 billion of enterprise value. For more information, visit

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