Power plant operator Calpine Corp. has acquired San Diego-based Noble Americas Energy Solutions LLC, one of the nation’s leading energy retailers.
Houston-based Calpine bought NAES from Asian commodities trading powerhouse Noble Group Ltd., based in Hong Kong, for $800 million plus working capital estimated at $100 million.
Noble Group bought NAES for $317 million in cash in 2010 from RBS Sempra Commodities, a joint venture between San Diego-based Sempra Energy and the Royal Bank of Scotland Group.
NAES sells electricity to commercial and industrial customers in 18 states, including California. Many of its customers are in the Northeast, where Calpine’s wholesale power generation fleet is concentrated.
Calpine, which has 82 power plants in construction or operation, entered the retail energy market last year with its purchase of Houston-based Champion Energy Marketing LLC.
Calpine President and CEO Thad Hill said when the NAES transaction was announced Oct. 9 that the acquisition would more than double the volume of energy it retails nationwide. The sale closed Dec. 1.
Pending state regulatory approval, NAES will be renamed Calpine Energy Solutions LLC.
