Stonepeak and Bernhard Clinch $6 Billion Deal to Buy Cleco Power

A consortium including Macquarie Group Ltd. has agreed to sell Louisiana utility Cleco Power to Stonepeak Partners LP and Bernhard Capital Partners, the companies said in a statement Monday, underscoring surging investor demand for electricity and grid assets.

The deal values Cleco at about $5.75 billion to $6 billion, according to people familiar with the matter who asked to not be identified because the details aren’t public. Other current owners include British Columbia Investment Management Corp. and Manulife Investment Management.