Calpine

In 1984, in the heart of Silicon Valley, Peter Cartwright and a group of his colleagues founded Calpine with a modest $1 million in capital. The company began by providing management services to independent energy firms. Its name cleverly combined its California roots with a nod to the Swiss Alps, home to its key early investor, Electrowatt. By 1989, Cartwright shifted the company's focus from just servicing power plants to owning and operating them, starting with geothermal and gas-fired facilities. The 1990s marked a period of aggressive expansion. A pivotal moment came in 1996 when California deregulated its energy industry, creating a massive opportunity. That same year, Calpine launched the largest-ever IPO for an independent power company, securing funds for major growth. The company went on an acquisition spree, rapidly increasing its power-generating capacity. However, this rapid, debt-fueled expansion had consequences. Following the California energy crisis, Calpine faced severe financial trouble, leading to a Chapter 11 bankruptcy filing in December 2005. Calpine emerged from bankruptcy in early 2008 with new leadership and a renewed strategy. The company continued to grow through strategic acquisitions, solidifying its position as a major power producer. A new chapter began in March 2018 when an investor consortium led by Energy Capital Partners acquired Calpine for approximately $17 billion, taking the company private. Today, Calpine is the largest generator of electricity from natural gas and geothermal resources in the United States, playing a critical role in the nation's power grid.