Calpine buys Noble’s US energy business for $1 billion

• 7 years ago (2016-10-10)
• David Flin

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Noble Group of Singapore has announced that it has signed a deal valued at $1.05 billion with Calpine Corporation to sell its American energy business to the US power generation company.

Noble will be paid $800 million for Noble Americas Energy Solutions. In addition, Noble will be repaid $248 million of the unit’s working capital, according to a statement made to the Singapore Exchange. The divestment will release $275 million in letters of credit and surety bonds, which will now be available to Noble.

Jeff Frase and Will Randall, Co-Chief Executives for Noble, said in a statement: “The sale substantially completes the $2 billion capital raising initiative that we announced in June. With this divestiture, Noble will continue to reduce debt will also funding growth opportunities in our high return businesses.”