REG - Pantheon Infrastrct. - Calpine Update

Pantheon InfrastructureAnnouncement

13/01/2025 07:00

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RNS Number : 0549T  Pantheon Infrastructure PLC  13 January 2025

13 January 2025

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This Announcement has been determined to contain inside information

 

PANTHEON INFRASTRUCTURE PLC

Calpine Update

Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global
infrastructure fund, is pleased to announce an update in relation to its
investment in Calpine Corporation ("Calpine").

Further to the announcement on 10 January 2025 by Constellation Energy
Corporation ("Constellation"), a sale of Calpine has been agreed between
Energy Capital Partners ("ECP") and Constellation, for a combination of cash
(c.25%) and Constellation stock (c.75%), which will be subject to certain
lock-up restrictions (the "Sale"). The Sale represents an equity valuation of
Calpine of approximately $16.4 billion based on Constellation's 20-day
volume-weighted average share price of $237.98 on 10 January 2025. The
conclusion of the Sale remains subject to various regulatory clearances and
approvals, which are expected to occur within 12 months.

The final quantum and timing of proceeds from the Sale for PINT remain subject
to, amongst other factors; the timing of the Sale completion, any transaction
costs and taxes, foreign exchange rates, any intervening distributions, any
subsequent movements in the value of Constellation's stock, and any
instruments or transactions the Company may undertake to hedge against such
movements. However, assuming the equity valuation stated above is reflected in
the Company's NAV at 31 December 2024 without any such adjustments, the
Company would expect an increase in NAV attributable to the Sale of
approximately 3 pence per share, or 2.6% of the NAV of 116.2 pence per share
at 30 September 2024.

PINT invested in Calpine as part of a direct secondary transaction with ECP
announced in June 2022. It remains one of the largest generators of
electricity from natural gas and geothermal resources in the US, with
operations across the CAISO (California), ERCOT (Texas), and PJM (13 states
and the District of Columbia) power markets and current power generation
capacity of 27 GW. The total amount invested was c.$54 million, or c.£46
million, and the Company used foreign exchange hedging instruments to mitigate
against any material foreign exchange movements.

The Sale is expected to result in PINT's first realisation since IPO and
represents a significant milestone in demonstrating the Company's investment
strategy to invest, grow and exit investments benefitting from key
infrastructure tailwinds. The Company intends to provide further details on
the expected use of the Sale proceeds in due course.

 

For further information, contact:

 Pantheon Ventures (UK) LLP        +44 (0) 20 3356 1800

 Investment Manager                pint@pantheon.com (mailto:pint@pantheon.com)

 Richard Sem, Partner

 Ben Perkins, Principal

 Investec Bank plc                 +44 (0) 20 7597 4000

 Corporate Broker

 Tom Skinner (Corporate Broking)

 Lucy Lewis (Corporate Finance)

 Lansons

 Public relations advisor          pint@lansons.com (mailto:pint@lansons.com)

 Lucy Horne                        +44 (0) 79 2146 8515

 Millie Steyn                      +44 (0) 75 9352 7234

Notes to editors

PINT

Pantheon Infrastructure PLC is a closed-ended investment company and an
approved UK Investment Trust, listed on the London Stock Exchange's Main
Market. Its Ordinary Shares trade under the ticker 'PINT'. The independent
Board of Directors of PINT have appointed Pantheon, one of the leading private
markets investment managers globally, as investment manager. PINT aims to
provide exposure to a global, diversified portfolio of high-quality
infrastructure assets through building a portfolio of direct co-investments in
infrastructure assets with strong defensive characteristics, typically
benefitting from contracted cash flows, inflation protection and conservative
leverage profiles.

Further details can be found at www.pantheoninfrastructure.com
(http://www.pantheoninfrastructure.com)

LEI 213800CKJXQX64XMRK69

Pantheon

Pantheon has been at the forefront of private markets investing for more than
40 years, earning a reputation for providing innovative solutions covering the
full lifecycle of investments, from primary fund commitments to co-investments
and secondary purchases, across private equity, real assets and private
credit.

The firm has partnered with more than 650 clients, including institutional
investors of all sizes as well as a growing number of private wealth advisers
and investors, with approximately $68bn in discretionary assets under
management (as of June 30, 2024).

Leveraging its specialized experience and global team of professionals across
Europe, the Americas and Asia, Pantheon invests with purpose and leads with
expertise to build secure financial futures.

Pantheon was one of the first private equity investors to sign up to the
Principles for Responsible Investments ("PRI") in 2007 and has used these
principles as a framework to develop its sustainability policy across all its
investment activities. Since becoming a signatory, Pantheon has remained
highly engaged with the PRI and has been heavily focused on sustainability
integration, both through its involvement with associates and industry bodies,
and through its integration of ESG analysis into its investment process.

 

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