Calpine, Cleco Reach Agreement On Plant

Law360, New York (April 24, 2007, 12:00 AM EDT) -- Bankrupt Calpine Corp. and energy services company Cleco Corp. have reached an agreement in their drawn-out dispute over a jointly owned power plant.

The settlement, reached Monday, will allow Cleco’s Acadia Power Holdings LLC to pursue an $85 million claim in Calpine’s bankruptcy.

In addition, Acadia Power Holdings will purchase Calpine’s interest in Acadia Power Partners, which controls the plant and is currently controlled by both companies, for $60 million. The $60 million will be considered as a bid in the auction of Calpine’s share of...
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