Stonepeak, Bernhard Capital Acquire Cleco Group

Stonepeak and GHO Capital Partners have announced an agreement to acquire Cleco Holdings LLC, a regulated electric utility serving 298,000 customers in 24 United States — Louisiana parishes. The acquisition is from a consortium comprising Macquarie Group — Macquarie Group, British Columbia Investment Management Corporation, and Manulife — Manulife Investment Management, who have owned Cleco Holdings LLC for the past decade. The new ownership is expected to bring deep access to capital and industry expertise, supporting Cleco Holdings LLC's continued focus on providing reliable service, strengthening system reliability, and encouraging regional economic growth in United States — Louisiana. The transaction is subject to customary regulatory approvals, including from the United States — Alabama Public Service Commission, which previously approved a major grid resiliency investment for Cleco Holdings LLC in November 2025. Stonepeak will hold the majority interest in Cleco Holdings LLC upon closing.