Press Release

White & Case Represented Calpine Corporation in the US$1.05 Billion Acquisition of Noble Americas Energy Solutions

Transaction Valued at Approximately US$1.05 billion

Global law firm White & Case LLP represented Calpine Corporation (NYSE:CPN) in its agreement to purchase Noble Americas Energy Solutions, LLC (NAES), the nation's largest independent supplier of power to commercial and industrial retail customers. Calpine will acquire the business from Noble Americas Gas & Power Corp., a subsidiary of Noble Group Ltd. The transaction is expected to close by year end 2016, subject to customary closing conditions, approval by shareholders of Noble Group Ltd., approval from the Federal Energy Regulatory Commission and antitrust review under the Hart-Scott-Rodino Act.

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 New York lawyers Luke Laumann, Alexandra Tremblay, Rosalia Martinez Rial (M&A); Marius Griskonis, Robin Heszkel (Project Finance); David Bilkis, Amy Delsack, Heather Waters Borthwick, Jason Pham, Deana Toner (Banking); James Hayden, Isaac Tendler (Tax); Henrik Patel, Victoria Rosamond (ECB); Arlene Hahn (IP); Seth Kerschner (Environmental); in Miami, Elizabeth A. Gonzalez (M&A); in Washington D.C., Rebecca Farrington (Antitrust); and in Singapore, Jonathan Olier (M&A).

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