ECP has closed its continuation fund with $1.6 billion in capital commitments and has acquired a portion of Calpine Corporation, a power company, from ECP III and ECP IV.
The continuation fund allows investors to monetize a minority stake in their investment in Calpine.
“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.