Stonepeak, Bernhard Capital Near $6 Billion Cleco Power Acquisition as Macquarie Exits Louisiana Utility

Stonepeak Partners LP and Bernhard Capital Partners are closing in on a roughly $6 billion acquisition of Louisiana utility Cleco Power LLC from a consortium led by Macquarie Group Ltd., according to people with knowledge of the matter.

The proposed deal would transfer ownership of a regulated electricity provider serving Louisiana customers to two private equity firms with infrastructure investment mandates. Cleco Power operates generation assets and distributes electricity to residential and commercial ratepayers under state regulatory oversight. Macquarie, the Australian banking and infrastructure group, has been exploring an exit from its Cleco position as part of a broader strategy to trim its North American utility holdings. The transaction would rank among the larger utility sector deals attempted this year, though the parties have yet to announce an agreement. The source material indicates the consortium has been evaluating bids for several months, with Stonepeak and Bernhard emerging as preferred buyers.

The deal would expand Stonepeak's footprint in regulated infrastructure, a sector increasingly targeted by alternative asset managers seeking stable, contract-backed cash flows. For Macquarie, a successful sale would cap a multi-year holding period in Cleco and free capital for deployment elsewhere. Regulated utilities have attracted sustained interest from private equity and infrastructure funds due to their earnings visibility and exposure to energy transition spending. Cleco's asset base, which includes coal and natural gas generation alongside transmission and distribution networks, could require future capital to meet emissions and grid reliability standards. Any closing would likely face scrutiny from state utility regulators in Louisiana, who assess whether ownership changes serve the public interest.