Cleco extends contract with England Airpark
Company continues to execute growth strategy
PINEVILLE, La. – Cleco Power LLC (Cleco), a subsidiary of Cleco Corporation (NYSE: CNL), advanced its strategy to expand its business by signing a 25-year extension of its current lease agreement with the England Economic and Industrial Development District (England Airpark) to operate their electric system. The long-term extension provides opportunities for continued growth for both England Airpark and Cleco.
Cleco currently serves England Airpark under an existing 20-year contract. The company will continue to provide England Airpark with power produced by its multi-fuel generation fleet, which provides fuel options in a tight market and mitigates risks related to changing environmental regulations. Cleco also brings system management expertise earned by operating an electric utility for over 75 years.
“This extension continues our pursuit to align our company with businesses, municipalities and cooperatives that are progressive, eager to grow and want to limit exposure to environmental or generation capacity uncertainty in a rapidly changing market,” said Bruce Williamson, president and CEO of Cleco Corporation. “England Airpark offers central Louisiana a unique business and economic development setting that holds very strong potential to grow the community. We are pleased to extend our contract with the England Airpark and look forward to working with them to cultivate business and industry in our area.”
A nationally recognized model for redevelopment of a closed air force base, the England Airpark has transformed into a model economic development engine. Providing reliable, stable-priced power is essential to attracting industry, and in addition to operating their electric system, Cleco is committing to partner with the England Airpark to bring in new business to the industrial park.
“England Airpark is pleased to continue the productive partnership that has helped foster over 2,000 jobs for our area,” said William Barron, chairman of the England Board of Commissioners. “The extension of this relationship is another positive step in meeting the airpark’s goal of becoming Louisiana’s transportation and business center.”
This is Cleco’s second success in fulfilling its growth strategy. Earlier in the year, Cleco signed a 10-year full-requirements contract to sell energy, capacity and ancillary services to Dixie Electric Membership Corporation, which serves the fast-growing suburban Baton Rouge market.