Cleco Group LLC, a Pineville-based electric utility serving nearly 300,000 customers across Louisiana, is set to be acquired by infrastructure investment firm Stonepeak and Bernhard Capital Partners under a newly announced agreement.
The transaction will transfer ownership from a consortium that includes Macquarie Asset Management, British Columbia Investment Management Corporation and Manulife Investment Management. Upon completion, Stonepeak will hold the majority interest in the company.
Cleco, which employs approximately 1,200 workers, will remain headquartered in Pineville and continue operating as a regulated utility under the Louisiana Public Service Commission. Company officials said there are no planned changes to staffing levels, compensation or benefits, and operations will continue across its existing 24-parish service area.
The company will maintain its focus on reliability and infrastructure improvements, supported by new investment partners with access to capital and experience in energy and infrastructure sectors. Over the past decade, Cleco has invested about $3 billion in system upgrades and resiliency projects, including a major grid hardening initiative approved by regulators in 2025.
Officials said the acquisition is expected to strengthen Cleco’s role as a key energy provider and economic driver in Louisiana, while supporting continued modernization and future growth.
The transaction remains subject to regulatory approvals before it can be finalized.
