Press Release

White & Case Represented Calpine Corporation in the Sale of Mankato Power Plant

Transaction Valued at Approximately $395 Million

Global law firm White & Case LLP represented Calpine Corporation (NYSE:CPN) in its agreement to sell the Mankato Power Plant, a 375 MW natural gas-fired, combined-cycle power plant located in Minnesota, to Southern Company subsidiary Southern Power for US$395.5 million. The transaction is projected to close in the fourth quarter of 2016, subject to customary closing conditions, antitrust review under the Hart-Scott-Rodino Act and approval from the Federal Energy Regulation Commission.

Calpine Corporation is America's largest generator of electricity from natural gas and geothermal resources. Calpine's fleet of 84 power plants in operation or under construction represents more than 27,000 megawatts of generation capacity.

The White & Case team which advised on the transaction was led by partner Michael Shenberg with support from James Hayden, Marius Griskonis, Rebecca Farrington, Ipek Candan Snyder, Isaac Tendler, Amy Delsack, Alex Miller, Rosalia Martinez Rial.

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