Calpine Corp. closed the previously announced acquisition of leading retail electric provider Champion Energy Marketing.
Champion Energy serves primarily commercial and industrial customers, in addition to about 115,000 residential customers, in 10 states that closely overlap and complement Calpine’s wholesale power generation presence in the Texas, Mid-Atlantic and Northeastern U.S. power markets.
Champion Energy will remain headquartered in Houston and will continue to operate under the highly regarded Champion Energy brand, as exemplified by its top ranking in 2015 by J.D. Power for residential customer satisfaction in Texas for the fifth time, including from 2010 to 2013.
Calpine purchased the business from a unit of Crane Champion Holdco, which owned a 75 percent interest, and from EDF Trading North America, which owned a 25 percent interest, for $240 million plus working capital adjustments. The transaction was funded with cash on hand.
Calpine operates a fleet of 83 power plants in operation or under construction represents nearly 27,000 MW of power generation capacity.