NEW YORK, April 21, 2014 /PRNewswire/ -- U.S. power and energy infrastructure owner, LS Power Equity Advisors, LLC ("LS Power"), announced today that it has signed an agreement to acquire approximately 3,500 MW of generation resources in the Southeastern United States, through its affiliate NATGEN Southeast Power, LLC, from Calpine Corporation ("Calpine") (NYSE: CPN) for $1.57 billion in cash, subject to working capital and other adjustments. 

The portfolio consists of six combined-cycle generation facilities which use natural gas as the primary fuel source.  These facilities have served numerous investor-owned utilities, municipal utilities, cooperatives and other market participants.  The Calpine facilities being acquired include the following:

"We are pleased to assume ownership of this portfolio of power plants," said Paul Segal, chief executive officer of LS Power.  "The quality of the assets, the outstanding operational track record of the facilities and the skilled plant personnel were all important factors in our decision.  We are committed to making this a smooth transition for the dedicated professionals operating these facilities and their communities. These projects have been reliably serving wholesale power customers in the Southeast for a number of years and we look forward to continuing to provide value for our growing base of customers."

The transaction is expected to close in the second quarter of 2014, pending receipt of necessary regulatory approvals and third-party consents. 

About LS Power

About LS Power: Founded in 1990, LS Power is an employee-owned, independent power company with offices in New York, New Jersey, Missouri and California.  LS Power is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States.  Since inception, LS Power has developed, constructed, managed or acquired more than 28,000 MW of competitive power generation and 470 miles of transmission infrastructure, for which it has raised over $27 billion in debt and equity financing.  For more information, please visit www.LSPower.com.

SOURCE LS Power Equity Advisors, LLC