Cleco Corporation Acquisition & Valuation

YTL Corp Bhd is an integrated infrastructure developer with operations in Malaysia, Singapore, the United Kingdom, Australia, China, Finland, France, Indonesia, Japan, Jordan, the Netherlands, Thailand, the United Arab Emirates, and Vietnam. It is an investment holding and management company with segments including Utilities, Cement & Building Materials Industry, Property Investment & Development, Hotel Operations, and Management Services, construtions and others. The company generates majority of its revenue from the Utilities segment. Its geographic focus is Malaysia, the UK, Singapore, and other countries.

Enel Chile SA is an electricity utility company engaged, through its subsidiaries and affiliates, in the generation, transmission, and distribution of electricity across Chile. The Company operates through two main segments: the Generation Business, which includes companies that own and operate power plants supplying electricity to the grid and generates the majority of revenue; and the Distribution and Network Business, which consists of companies operating under public utility concessions to distribute electricity to end customers.

Atco Ltd is a Canada-based diversified company. The company's Structures & Logistics segment offers workforce and residential housing, modular facilities, construction, site support services, workforce lodging services, facility operations and maintenance, defense operations services, and disaster and emergency management services. The Neltume Ports segment includes the equity interest in Neltume Ports S.A., a port operator and developer based in South America. The Retail Energy segment provides electricity and natural gas retail sales and home maintenance solutions. Its Canadian Utilities Limited segment includes ATCO Energy Systems, ATCO EnPower, and ATCO Australia. It generates maximum revenue from the ATCO Energy Systems segment and earns maximum revenue from Canada.

EVN AG is an Austrian-based utilities company that generates and distributes electricity and operates in natural gas, waste management, water supply, wastewater treatment and thermal waste utilization service. Evn operates in Austria, Bulgaria, North Macedonia, Croatia, Albania, and Germany. The company's operations are divided into segments that include Energy, Generation, Networks, South East Europe, Environment and All Other Segments, out of which South East Europe generates maximum revenue. The company earns majority revenue from Austria.

Hera is an Italian multi-utility group headquartered in Bologna and listed on Borsa Italiana, formed on 1 November 2002. It supplies gas, electricity and water, collects and treats waste and provides telecommunications services to about 4 million customers. Its waste subsidiary Herambiente treats more than 8 million tonnes of waste a year through a network of around 100 certified plants. In 2025 the group reported revenue of EUR 12,969 million, net profit of EUR 464 million and about 10,456 employees. Its business plan to 2029 targets EBITDA of EUR 1.76 billion and more than EUR 5.5 billion of investments. The group has grown through acquisitions in industrial waste, plastics recycling and water treatment, including the Sostelia Group and control of SEA in 2026.

Ultrapar Participacoes SA engages in the investment of its own capital in services, commercial, and industrial activities, through the subscription or acquisition of shares of other companies. The Company has three business segments: Ultragaz distributes LPG in the segments: bulk, comprising condominiums, trade, services, industries, and agribusiness; and bottled, mainly comprising residential consumers. The Ipiranga engages in the distribution and sale of oil-related products, biofuels, and similar products to service stations that operate under the Ipiranga brand throughout Brazil and to consumers and carrier-reseller-retailer. The Ultracargo operates in specialized liquid bulk storage solutions in the main logistics centers of Brazil.

Kyushu Electric Power Co Inc is a Japan-based company mainly engaged in the electric power business. Its operating segments include ICT Service Business, Other Energy Service Business, Overseas Business, Power Generation and Sales Business, Power Transmission and Distribution Business, Urban Development Business, and Others. It generates the majority of its revenue from the Power generation and sales business segment, whose main business is the power generation and retail electricity business in Japan.

TXNM Energy Inc is a holding company that owns regulated utility companies providing energy to houses and businesses across Texas and New Mexico using its utilities.

Black Hills Corp is a U.S.-based energy company that operates through its Electric Utilities and Gas Utilities segment. These segments operate in states in the Midwest and mountain regions in the U.S. The company's customers include residential, commercial, industrial, and municipal consumers. These customers are residential. Black Hills derives the majority of its revenue from its utility business group, specifically from gas utilities.

New Jersey Resources is an energy services holding company with regulated and nonregulated operations. Its regulated utility, New Jersey Natural Gas, delivers natural gas to nearly 600,000 customers in the state. NJR's nonregulated businesses include investments in commercial solar projects and several large midstream natural gas projects.

Cia Energetica DE Minas Gerais - Cemig, formerly Energy Company of Minas Gerais, is a Brazilian power company that generates, transmits, and distributes electricity. As one of the power companies in Brazil, the firm operates across Brazilian states and Chile. The company has various subsidiaries and operates chiefly through its generation, transmission, distribution, and gas segments. The majority of the company's revenue is derived from electricity sales to consumers. The company generates power through hydroelectric resources and, secondarily, through thermal and wind resources.

Portland General Electric is a regulated electric utility providing generation, transmission, and distribution services in a service territory that includes about half of all Oregon residents and two-thirds of the state's business activity. The company owns (wholly or through joint ventures) 3.5 gigawatts of gas, coal, wind, and hydro generation along with 300 megawatts of energy storage.

Southwest Gas Holdings Inc is a utility company engaged in the purchasing, distributing, and transporting of natural gas in the American Southwest. The company segments its activities into natural gas distribution segment. The Natural gas distribution segment encompasses the company's core natural gas business as distributors in the states of Arizona and Nevada. Its division is responsible for roughly half of Southwest Gas' total revenue through the sale of natural gas to mainly residential and small commercial customers.

Shenergy Co Ltd is engaged in the electric power and energy industry in China. Its main business includes the investment, construction, operation, and management of electric power, petroleum, and natural gas. The company has invested in and completed electric power projects, which are distributed in various fields such as thermal power, natural gas power, hydropower, and nuclear power.

SSEN Transmission, the trading name of Scottish Hydro Electric Transmission plc, owns and operates the high-voltage electricity transmission network in the north of Scotland. Headquartered in Perth, with offices in Aberdeen, Inverness and Glasgow, it runs 132kV, 220kV, 275kV and 400kV overhead lines, underground and subsea cables, substations and HVDC converter stations across more than a quarter of the UK's land mass. The network carries power from onshore and offshore wind, hydro and other generation in the north of Scotland to demand centres further south. It is a regulated network business whose revenues are set under Ofgem price controls, and SSE forecast its gross regulatory asset value at GBP 6.5 to 7 billion by 2026 and more than GBP 12 billion by 2031. The licensed entity was established in 2000 within SSE's networks business. SSE plc owns 75 percent and retains operational control, while Ontario Teachers' Pension Plan bought the other 25 percent for GBP 1.465 billion in a deal completed in November 2022.

RTE (Réseau de Transport d'Électricité) is France's electricity transmission system operator, headquartered in the Paris La Défense business district. It owns, operates, maintains and develops the national high- and extra-high-voltage grid of about 105,800 km of lines, the largest in Europe, including around 50 cross-border interconnections, and balances electricity supply and demand in real time. Most of its revenue comes from regulated network access tariffs set by the French Energy Regulatory Commission (CRE), supplemented by interconnection revenues. In 2024 RTE reported revenue of EUR 5,559 million, EBITDA of EUR 1,622 million and investment of more than EUR 2.5 billion, and it employs about 10,800 people. RTE was established in July 2000 as a division of EDF when France unbundled electricity transmission and later became a separate company. Since March 2017 it has been held through a holding company owned 50.1% by EDF, 29.9% by Caisse des Dépôts and 20% by CNP Assurances.

Octopus Energy Group is a London-based energy and technology group and the largest household energy supplier in the United Kingdom. It supplies electricity and gas under the Octopus Energy brand, sells and installs heat pumps, solar panels and batteries, leases electric vehicles, and manages renewable generation assets through Octopus Energy Generation. The group incubated Kraken, the utility operating system licensed to E.ON, EDF, Origin Energy and others, which raised about USD 1bn at a USD 8.65bn valuation in December 2025 ahead of a demerger after which Octopus keeps a 13.7% stake. In the year to April 2025 the group reported revenue of GBP 13.7bn and underlying EBITDA of GBP 90m, and it served about 10 million customers globally. It earns mainly from energy supply, with further income from installations, technology licensing and fund management. Its shareholders include Octopus Capital, Origin Energy, Tokyo Gas, Generation Investment Management and CPP Investments. The company was founded in London in 2015 by Greg Jackson.

The Faraday Grid is a smart grid technology company rearchitecting electricity networks for decentralized energy markets. Founded in 2016 and headquartered in Sydney, Australia, it develops the Faraday Exagon, a software-defined grid controller enabling prosumers, EVs, and renewables to participate in real-time trading. Deployed in pilots across Australia and Europe, the system replaces century-old infrastructure to handle variable solar and wind inputs while ensuring grid stability.