This article first appeared on GuruFocus .
Macquarie Group ( MCQEF ) is edging closer to a potential exit from Louisiana utility Cleco Power, with a consortium led by Stonepeak Partners and Bernhard Capital Partners nearing a deal that could value the business between $5.75 billion and $6 billion, according to people familiar with the matter. A transaction could be announced as soon as Monday, although discussions remain private and subject to change. Cleco's ownership base also includes British Columbia Investment Management Corp. and Manulife Investment Management, while representatives for the involved parties have either declined to comment or not responded.
The backdrop here is hard to ignore. Electricity demand tied to data centers, new industrial buildouts, and electric vehicles has been accelerating, and that shift is increasingly pulling private capital into regulated utility assets. A potential Cleco deal would follow a March agreement where BlackRock's Global Infrastructure Partners and EQT AB ( NYSE:EQT ) agreed to acquire AES Corp. for about $10.7 billion, reinforcing the idea that infrastructure investors are leaning into long-duration, cash-generating power platforms.
Cleco operates eight regulated generation assets across five facilities in Louisiana, with capacity exceeding 2.6 gigawatts, positioning it as a meaningful regional supplier. Any transaction would still require regulatory approvals, which could introduce some timing uncertainty. The move would also build on Bernhard's existing presence in the state, following its portfolio company's acquisition last year of two regulated natural gas utilities from Entergy Corp., suggesting the firm could be expanding its footprint across Louisiana's energy infrastructure.
