Calpine Corp., one of the biggest U.S. power generators including geothermal power plants at The Geysers in northern California, is exploring a sale.
The Houston company, which owns 80 power plants and has a so-called enterprise value of more than $15 billion, is working with investment bankers at Lazard to sound out possible buyers, according to people familiar with the matter.
Calpine has attracted interest from a number of private-equity firms in an auction that is at an early stage, the people said. As always, there is no guarantee there will be any deal.