Stonepeak, Bernhard Capital Partners will acquire Cleco

Stonepeak and Bernhard Capital Partners on Monday announced an agreement to acquire Cleco Group LLC from a consortium composed of Macquarie Asset Management, British Columbia Investment Management Corp. and Manulife Investment Management.
Headquartered in Pineville, Cleco is a regulated electric utility with 1,200 employees serving approximately 298,000 residential, commercial and industrial customers in 24 Louisiana parishes, including St. Mary.
Following the close of the transaction, the parties said in a news release, Cleco will:
• Remain locally managed and operated with its headquarters in Pineville
• Maintain its operating footprint and continue serving customers across Louisiana
• Retain employees and maintain compensation and benefit levels
• Continue to be regulated by the Louisiana Public Service Commission
• Remain focused on sustaining state leading reliability levels
“Cleco provides safe, reliable and affordable electricity to our customers in support of their quality of life, and we take pride in the work of our dedicated, local employees who support the communities in which we all live,” said Bill Fontenot, president and CEO at Cleco. “Cleco's employees are central to our success. In the last decade, we've become more safe, efficient and modern. With support from new partners Stonepeak and Bernhard, we can strengthen system reliability and encourage regional economic growth. This transaction marks an important day for our community, our customers and our company.”
“We have a deep appreciation for the critical role Cleco plays in the communities it serves and look forward to partnering with Cleco and Bernhard to support management’s key initiatives,” said Rob Kupchak, senior managing director at Stonepeak. “We are excited to extend our track record of investing in Louisiana’s energy infrastructure and believe Cleco is well positioned to be a driver of economic growth within its service territory, while providing dependable service to its customers.”
“This investment advances Bernhard Capital Partners’ focus on strengthening the nation’s critical energy infrastructure, building more resilient communities and accelerating innovation across the energy sector,” said Jeff Jenkins, founder and partner at Bernhard. “It also reflects our continued investment in Louisiana — its people, its economy and its future. Our partnership combines Bernhard’s operational expertise and deep local knowledge alongside Stonepeak’s experience with similar mission-critical companies to build upon Cleco’s century of service in our state. Together, we will drive meaningful economic growth while continuing Cleco’s legacy of delivering essential energy service to communities across Louisiana.”
Over the last decade, Cleco has modernized its operations and safe work practices while strengthening system capacity, positioning the company to support future load growth and new customers, the press release said. Under the consortium’s ownership, Cleco invested approximately $3 billion in support of projects like resiliency and to sustain its state-leading reliability. In November 2025, the Louisiana Public Service Commission unanimously approved the largest grid resiliency investment in Cleco’s history, enabling further system hardening and expansion.
“Cleco’s progress in recent years reflects its strong collaboration with Louisiana communities, regulators and political leaders to build a more reliable system that meets customers’ evolving needs and supports economic growth across its service territory,” said Aaron Rubin, senior managing director and head of Americas Energy Infrastructure at Macquarie Asset Management. “It has been our privilege to have served as a steward of Cleco over the past 10 years as the company has navigated both challenges, such as maintaining high service standards during COVID-19 and the hurricanes of 2020 and 2021, and better times such as the growth phase the region has seen over the last few years.”
“Together with Macquarie and our consortium partners, we’ve worked closely with Cleco’s management team to strengthen and modernize its operations through long-term, targeted capital investments, reinforcing the company’s readiness to meet growing power demand across the region,” said Lincoln Webb, Executive Vice President and Global Head, Infrastructure & Renewable Resources at BCI.
The transaction is subject to customary regulatory approvals. Upon close, Stonepeak will hold the majority interest in Cleco.
Greenhill, a Mizuho affiliate, served as financial advisor to Stonepeak, and Simpson Thacher & Bartlett LLP served as legal counsel to Stonepeak and the buyer consortium. Centerpoint Partners LLC served as financial advisor and Latham & Watkins LLP served as legal counsel to Bernhard. Goldman Sachs & Co. LLC and Moelis & Company LLC served as financial advisors to Cleco, Macquarie Asset Management, BCI and Manulife Investment Management, with Kirkland & Ellis LLP and Phelps Dunbar LLP serving as legal counsel.
A joint statement from Gov. Jeff Landry and Economic Development Director Susan Bourgeois praised the acquisition.
“Having a partner that understands Louisiana — workforce, its industries and its opportunities—makes a meaningful difference. Bernhard’s continued commitment to investing here, alongside Stonepeak’s global expertise, positions this partnership for long-term success while ensuring Louisiana remains central to that growth,” the statement said.
“Reliable, affordable energy is essential to economic development, and strong utility partners like Cleco are critical to helping Louisiana compete and win. If approved, this investment would strengthen that foundation, support Cleco’s continued role as a key energy provider and reinforce the momentum we’ve built over the past two years.”