Investment in a US Power Generation Business

RNS Number : 2034Q

Pantheon Infrastructure PLC

27 June 2022

 

27 June 2022

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

PANTHEON INFRASTRUCTURE PLC

Investment in a US Power Generation Business

Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global infrastructure fund, has invested approximately $58m (£47.3m at current exchange rates) in independent US power producer Calpine Corporation.

Calpine Corporation ("Calpine") is one of the largest generators of electricity from natural gas and geothermal resources in the US, with operations across CAISO (California), ERCOT (Texas), and PJM (13 states and the District of Columbia) power markets and current power generation capacity of 26 GW. This sector is benefitting from strong secular tailwinds, fuelled by a growing demand for electricity and sustainable sources of energy production.

Calpine has a strong renewables development pipeline of solar and battery projects, financeable through the cash flows generated by existing assets, which are projected to nearly triple its renewables power generation capacity over the next five to six years.

Calpine is a vital supplier to the US electricity grid, providing reliable power generation capacity and playing an important role in the energy transition as the US targets Net Zero by 2050. It benefits from highly predictable diversified cash flows underpinned by contracts and is supported by a robust hedging programme.

PINT invested alongside ECP, a leading investor across energy transition and decarbonization infrastructure assets. This marks the investment's completion after it was previously announced in the Company's deployment update on 29 April 2022.  

Richard Sem, Partner at Pantheon, PINT's investment manager, commented:

"This is a really exciting investment in a company that has a vital role to play in the US energy mix - and in supporting the country's transition to Net Zero. We are delighted to invest alongside ECP and to support Calpine's own shift towards renewable energy, as we continue to build out PINT's portfolio."

For further information, contact: 

Pantheon Ventures (UK) LLP Investment Manager Richard Sem, Partner Ashley Wassall, Head of Client Communications	[phone] [e-mail] [e-mail]
Investec Bank plc Corporate Broker Tom Skinner (Corporate Broking) Lucy Lewis, Denis Flanagan (Corporate Finance)	[phone]
TB Cardew Public relations advisor Ed Orlebar Tania Wild Max Gibson	[phone] [e-mail] [phone] [phone] [phone]

Notes to editors

Pantheon Infrastructure PLC (PINT)

Pantheon Infrastructure PLC is a closed-ended investment company and an approved UK Investment Trust, listed on the Premium Segment of the London Stock Exchange's Main Market. Its Ordinary Shares trade under the ticker 'PINT'. The independent Board of Directors of PINT have appointed Pantheon, one of the leading private markets investment managers globally, as investment manager. PINT aims to provide exposure to a global, diversified portfolio of high-quality infrastructure assets through building a portfolio of direct co-investments in infrastructure assets with strong defensive characteristics, typically benefitting from contracted cash flows, inflation protection and conservative leverage profiles.

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Pantheon

Pantheon is a leading global private equity, infrastructure & real assets, private debt and real estate investor with 40 years' experience sourcing and executing private market investment opportunities on behalf of clients. Pantheon has $84.6 billion in assets under management and advice (as at 31 December 2021) and employs over 400 staff, including more than 115 investment professionals across offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin.

 

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