Stonepeak and Bernhard Buy Cleco Utility for $6 Billion

Two investment firms, Stonepeak and Bernhard Capital Partners, are buying Cleco Group LLC for between $5.75 billion and $6 billion. This is a major deal for the Louisiana utility.
By Newsroom | Business, Louisiana |

On April 27, 2026, investment firms Stonepeak and Bernhard Capital Partners reached a definitive agreement to acquire the Louisiana-based utility Cleco Group LLC. The transaction, which includes the regional provider Cleco Power, is valued between $5.75 billion and $6 billion.

Macquarie Nears $6 Billion Cleco Sale To Stonepeak, Bernhard - 1

The acquisition signals an intensifying investor appetite for electrical grid infrastructure, driven by the massive power demands of data centers.

Macquarie Nears $6 Billion Cleco Sale To Stonepeak, Bernhard - 2
PartyRole
StonepeakMajority acquirer
Bernhard Capital PartnersJoint acquirer
Macquarie/BCI/ManulifeSelling consortium

Transaction Mechanics

The deal marks the end of a decade-long ownership cycle by a consortium led by Macquarie Asset Management, which acquired the utility in 2016. Upon the deal’s closing, Stonepeak will hold the controlling interest in the company. Financial oversight for the transition was provided by Goldman Sachs & Co. LLC and Moelis & Company LLC, while legal counsel was managed by Kirkland & Ellis LLP and Phelps Dunbar LLP.

Macquarie Nears $6 Billion Cleco Sale To Stonepeak, Bernhard - 3

Market Context and Infrastructure

  • Cleco operates as a regulated electric utility, currently serving roughly 298,000 customers across 24 parishes in Louisiana.

  • The shift in ownership reflects a broader Infrastructure Investment trend, where private capital firms target stable, essential utilities to capitalize on long-term grid modernization and rising Electricity Demand.

  • Louisiana has increasingly become a focal point for large-scale technological and industrial power consumption, specifically linked to the expansion of Data Centers.

Background

For the past ten years, Cleco focused heavily on grid resilience under its previous owners. This transition into new private hands follows months of industry speculation that surfaced as early as March 2026, when reports of advanced negotiations first entered the public sphere. The move confirms that regional energy providers are no longer viewed merely as stable legacy assets, but as critical engines for the nation’s Digital Infrastructure.

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Frequently Asked Questions

Q: Who is buying Cleco Group LLC and for how much?
Stonepeak and Bernhard Capital Partners have agreed to buy Cleco Group LLC, which includes Cleco Power, for between $5.75 billion and $6 billion. The deal is expected to close soon.
Q: How many customers will be affected by the Cleco Group LLC sale?
The sale of Cleco Group LLC will affect approximately 298,000 customers. Cleco provides electricity to people in 24 parishes across Louisiana.
Q: Why are Stonepeak and Bernhard Capital Partners buying Cleco Group LLC?
The purchase shows that investors are interested in electrical grid infrastructure, partly because of the high demand for power from data centers. They see utilities as important for the future.
Q: When was Cleco Group LLC last sold?
Cleco Group LLC was last sold about ten years ago, in 2016, by a group led by Macquarie Asset Management. This new deal marks the end of that ownership period.