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Stonepeak and Bernhard Capital Partners Join Forces to Acquire Cleco Group LLC

In a significant development for Louisiana's energy sector, Stonepeak and Bernhard Capital Partners have officially announced their agreement to acquire Cleco Group LLC from a consortium of investors that includes Macquarie Asset Management, British Columbia Investment Management Corporation (BCI), and Manulife Investment Management. This acquisition underlines the commitment of the new partners to ensure a stable and reliable energy supply for the state and its residents.

A Legacy of Service

Cleco Group LLC has been a key player in Louisiana's energy landscape, operating for over 90 years. Headquartered in Pineville, Louisiana, Cleco provides regulated electric utility services to around 298,000 customers across 24 parishes in the state. The company is dedicated to maintaining high safety, reliability, and efficiency standards, supported by its full-time workforce of approximately 1,200 employees.

The deal represents a renewed chapter for Cleco as it seeks to enhance its operations and continue its focus on sustainability and customer service. Stonepeak and Bernhard's investment aims to reinvigorate Cleco’s infrastructure, ensuring it can meet the demands of a growing customer base while maintaining its commitment to reliability and environmental stewardship.

Strategic Goals for Cleco

Following the transaction, Cleco will continue to operate from its Pineville headquarters while retaining key employees and maintaining their current compensation and benefits. The transition is designed to be seamless, with Cleco remaining under the regulatory oversight of the Louisiana Public Service Commission. This regulatory framework ensures that customer interests are prioritized while the company aims to achieve state-leading reliability levels.

Bill Fontenot, Cleco's President and CEO, emphasized the importance of employee contributions to the company's success. “Cleco provides safe, reliable, and affordable electricity to our customers, and we take pride in the dedication of our employees,