Operator of the Geysers geothermal plants considering sale
The Wall Street Journal reports that Houston/ Texas based energy giant Calpine Corp., the operator of the geothermal power plants at the Geysers in California, is considering a sale.
Earlier this week, The Wall Street Journal reported thatHouston based Calpine Corp. is in talks with investment bankers at Lazard to seek out interested buyers.
The deal has attracted interest from numerous private-equity firms in an auction that is still undergoing. Reportedly, this would be a very deal for a private-equity firm to complete, with no guarantees. Calpine was founded in 1984 and is one of the largest U.S.power generators owning 80 power plants, including geothermal power plants at The Geysers in Northern California.
Calpine sells power and related services to wholesale customers. Calpine has been recently struggling from low wholesale prices and stagnate growth predominantly in the natural gas marketplace. The news of the possible sale sent shares in the company up 18%.
Source: Wall Street Journal. Dana Mattioli and MattJarzemsky. May 10, 2017. (www.wsj.com)