Stonepeak and Bernhard Capital Partners have agreed to acquire Cleco Group, a Pineville, Louisiana-based regulated electric utility. The deal will place Stonepeak as the majority owner once the transaction closes, while Bernhard retains a minority stake. The transaction follows a consortium sale by Macquarie Asset Management, BC Investment Management, and Manulife Investment Management in November.

Cleco serves roughly 298,000 residential, commercial and industrial customers across 24 Louisiana parishes. The utility’s network spans urban and rural areas, providing power to a diverse customer base that includes industrial plants and small businesses. The acquisition keeps the service footprint intact while positioning the owners for future infrastructure investments in the upcoming decade ahead.

Cleco will remain regulated by the Louisiana Public Service Commission, ensuring continuity in rate approvals and service standards. The commission’s oversight will also monitor the transition to maintain reliability for the 298,000 customers. This regulatory framework limits rapid changes but provides stability for long‑term planning for investors and operators in the energy sector to align.

For investors, the deal signals confidence in Louisiana’s regulated utility market and offers a platform for upgrading grid infrastructure amid growing renewable mandates. Stonepeak’s majority ownership will likely steer capital toward smart grid technologies, while Bernhard’s minority role preserves a partnership model. The transaction underscores the appetite for stable, long‑term revenue streams in the utility sector.