The Louisiana Public Service Commission (LPSC) on Feb. 24 rejected the sale of Cleco Corp. (NYSE: CNL), the parent of regulated utility Cleco Power LLC, to a group of North American infrastructure investors led by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corp. (bcIMC).
Other potential buyers including John Hancock Financial and various infrastructure investors. PSC approval is a prerequisite to the sale.
Cleco and the prospective buyers issued a joint Feb. 24 statement saying: “We are disappointed with the LPSC’s decision, which we believe fails to acknowledge the benefits this transaction would have provided to all Cleco stakeholders. We will review our options regarding this decision.”
Cleco Corp. is a public utility holding company headquartered in Pineville, La. Cleco owns a regulated electric utility company, Cleco Power, which is engaged principally in the generation, transmission, distribution, and sale of electricity, primarily in Louisiana. Cleco Power owns 10 generating units with a total nameplate capacity of 3,333 MW. Its assets include a share in the coal-fired Dolet Hills power plant.
Cleco Corp. announced in October 2014 that it had entered into an agreement for this takeover.
Macquarie Infrastructure and Real Assets (MIRA) is the world’s leading infrastructure asset manager with growing portfolios in real estate, agriculture and energy. MIRA is part of Macquarie Group, a leading financial services provider across a diverse range of sectors around the world. Founded in 1969, Macquarie Group is listed on the Australian Stock Exchange and has operations in 28 countries and has a total of $370 billion in assets under management.
With C$123.6 billion of managed net assets, the British Columbia Investment Management Corp. (bcIMC) is one of Canada’s largest institutional investors within the global capital markets.