Cleco Group acquired by Stonepeak

Cleco Group LLC has been acquired by Stonepeak and Bernhard Capital Partners to expand capacity in the regulated electric utility sector. The transaction follows a decade of resilience-focused grid modernization under the ownership of Macquarie Asset Management, BCI, and Manulife Investment Management. The strategic partnership and acquisition will further Cleco's position as a critical energy service provider and economic development engine across its service territory and the state of Louisiana. Stonepeak and Bernhard Capital Partners will bring investors with deep access to capital, industry expertise, and a local presence to support Cleco in continuing to provide safe, reliable service to its customers. The acquisition is expected to have a positive impact on Cleco's operations, with the company retaining its operating footprint and continuing to serve customers across Louisiana. Cleco will remain locally managed and operated, with its headquarters in Pineville, and will maintain its focus on sustaining state-leading reliability levels. The transaction is subject to customary regulatory approvals, and upon close, Stonepeak will hold the majority interest in Cleco.

By taking control of Cleco Group, Stonepeak continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Castrol in 2025.