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Corporate Score 45 Neutral

Stonepeak and Bernhard Capital Partners to Acquire Cleco Group

Apr 27, 2026 16:13 UTC
Medium term

Infrastructure investors Stonepeak and Bernhard Capital Partners have agreed to purchase Cleco Group LLC from a consortium of global asset managers. The transaction involves a substantial portfolio of regulated energy assets located in Louisiana.

  • Acquisition of Cleco Group LLC by Stonepeak and Bernhard Capital Partners
  • Exit by Macquarie, BCIM, and Manulife Investment Management
  • Portfolio includes eight regulated generation assets
  • Operations spread across five facilities in Louisiana
  • Total capacity exceeds 2.6 gigawatts

Stonepeak and Bernhard Capital Partners have reached an agreement to acquire Cleco Group LLC, marking a transition in ownership for the regional energy provider. The acquisition involves a consortium of sellers, including Macquarie Asset Management, the British Columbia Investment Management Corporation, and Manulife Investment Management. Cleco Group's operational footprint is centered in Louisiana, where it owns and operates eight regulated generation assets. These assets are distributed across five separate facilities, providing a critical component of the region's energy infrastructure. The portfolio boasts a total generation capacity of more than 2.6 gigawatts. To put this scale into perspective, one gigawatt is roughly equivalent to the output of a traditional nuclear reactor, highlighting the significant industrial scale of the acquisition. This move reflects a broader trend of infrastructure funds and private equity firms targeting regulated utility assets. Such investments are typically sought for their ability to provide stable, long-term cash flows and predictable returns within a regulated environment.

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