NEW YORK (AP) — Calpine Corp. said Monday that it has agreed to sell six of its power plants to privately-held LS Power Equity Advisors for $1.57 billion.
Houston-based Calpine plans to use the money to pay down debt, acquire other sites or buy back its stock, said CEO Jack Fusco.
Two of the plants are in Alabama and the others are in Florida, Louisiana, Oklahoma and South Carolina. Combined, they can generate nearly 3,500 megawatts of electricity.
Calpine owns about 94 power plants. It provides power to customers in 20 states and in Canada.
LS Power is a developer and operator of power-generating sites. The company is based in New York.
Calpine shares rose 53 cents, or 2.5 percent, to $21.90 in morning trading Monday. Its shares have risen more than 9 percent so far this year.