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4/9/2015 Calpine to Sell Six Southeast Power Plants for $1.57 Billion- WSJ <br />THE WAIL STREET JOUINAL. <br />This copy is for your personal, non-commercial use only. To order presentation -ready copies for distribution to your colleagues, clients or customers <br />visit http://www.djreprints.com. <br />http://www.wsj.com/artides/SB1 0001424052702304810904579509642272718218 <br />DEAL JOURNAL <br />Calpine to Sell Power Plants to LS <br />Power for $1.57 Billion <br />Calpine Seeks to Focus on Texas, California and Mid -Atlantic States <br />By CASSANDRA SWEET And ANNA PRIOR <br />Updated April 18, 2014 4:36 p.m. ET <br />Calpine Corp. will sell six U.S. power plants in the Southeast and Midwest to LS Power <br />for $1.57 billion in cash, as the company focuses on its electricity sales businesses in <br />Texas, California and mid-Atlantic states. <br />Together, the power plants have the capacity to generate as much as 3,498 megawatts <br />of electricity and are scattered across the middle of the country where Calpine doesn't <br />operate many other electricity -generating facilities. Two of the plants being sold are in <br />Alabama, with one each in Oklahoma, Louisiana, Florida and South Carolina. <br />Calpine spokesman Brett Kerr said the company planned to sell the six power plants <br />for some time, and wanted to sell additional plants in Alabama, Arkansas and Florida <br />but wasn't able to get the price it needed for those assets. <br />The LS Power deal is expected to close in the second quarter, and Calpine said it plans <br />to use proceeds to pay down debt, buy back shares and possibly buy new generation. <br />Calpine is consolidating in its three main power markets—Texas, California and the <br />mid-Atlantic, which includes New York, New Jersey, Pennsylvania, Virginia, Delaware <br />and Maryland. <br />The company operates 77 natural -gas-fired power plants across the U.S., including 24 <br />in California, 20 in mid-Atlantic states and 14 in Texas. Calpine also has geothermal <br />power plants in California. <br />Owners of electrical generation that sell power into wholesale markets have struggled <br />http:/lwww.wsj. com/articles/SB 10001424052702304810904579509642272718218 <br />