Calpine Energy Services

Pineville, LA: (Apr-23-07) Acadia Power Partners LLC, a joint venture between Cleco's Acadia Power Holdings LLC and Calpine Acadia Holdings LLC, reached a settlement with Calpine Energy Services LP and Calpine over two long-term tolling agreements Calpine Energy Services held for the output of the 1,160-megawatt plant. Under the terms of the agreement, Acadia Power Holdings will receive $85 million in allowed unsecured claims against Calpine Energy Services and Calpine. Acadia Power Holdings has also agreed to buy Calpine's 50 percent ownership interest in Acadia Power Partners for $60 million. Cleco claimed that the offer will serve as a bid in the auction of Calpine's interest in Acadia Power Partners, and if Acadia Power Holdings does not win the auction, it will keep its 50 percent ownership in the partnership and receive payments of $85 million from the winning bidder. [BUSINESS WEEK: ENERGY TOLLING]

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Published on Apr-25-07