Cleco and investor group request rehearing on proposed sale
Tue, 03/15/2016 - 05:00
Seeks to be heard at PSC meeting tomorrow
Cleco and the investor group led by Macquarie Infrastructure and Real Assets (MIRA) have asked the Louisiana Public Service Commission (LPSC) to rehear Cleco’s proposed sale at the PSC’s meeting on Wednesday.
“The investor group and Cleco requested this rehearing to fully present the transaction's benefits for Cleco Power customers, employees and communities Cleco serves, and to correct a number of inaccurate claims made during the Feb. 24, meeting,” Cleco and the Macquarie-led group said in a press release. “The proposed transaction provides a range of protections for customers and employees and lays the groundwork for bringing additional investment, economic development and jobs to Louisiana.”
The group also includes British Columbia Investment Management Corporation, John Hancock Financial and other infrastructure investors.
The LPSC unanimously rejected the proposed sale at its meeting on Feb. 24.
Cleco Corporation is a public utility holding company headquartered in Pineville. It owns Cleco Power, a regulated electric utility company engaged principally in the generation, transmission, distribution, and sale of electricity, primarily in Louisiana.
Cleco Power owns 10 generating units with a total capacity of 3,333 megawatts and serves approximately 287,000 customers in Louisiana through its retail business. It also supplies wholesale power in Louisiana and Mississippi.
Cleco Corp. announced on Oct. 20, 2014, that it entered into an agreement to be acquired by the North American investor group. However, the LPSC must approve the sale before it can take place.
MIRA is the world's leading infrastructure asset manager with growing portfolios in real estate, agriculture and energy. MIRA manages more than $101 billion of assets under management. It is part of Macquarie Group, a leading financial services provider across a diverse range of sectors around the world.
Founded in 1969, Macquarie Group is listed on the Australian Stock Exchange. It has operations in 28 countries and $370 billion in assets under management.
British Columbia Investment Management is one of Canada’s largest institutional investors, with $123.6 billion of managed net assets.
It is a long-term institutional investor that invests in all major asset classes, including infrastructure and other strategic investments.