Cleco Group LLC, the Pineville-based electric utility that serves nearly 300,000 customers in Louisiana, is preparing for a change in ownership.

Under a newly announced agreement, infrastructure investment firm Stonepeak and Bernhard Capital Partners will acquire Cleco from its current ownership group, which includes Macquarie Asset Management, British Columbia Investment Management Corporation and Manulife Investment Management. Once the deal is complete, Stonepeak will become the company’s majority owner.

Cleco officials said the change will not move the company out of Pineville or alter its day-to-day utility operations. The company will remain a regulated electric utility under the Louisiana Public Service Commission and will continue serving customers across its 24-parish service area. Red River Parish is among the parishes included in Cleco’s service area.

The company also said no staffing reductions are planned, and employee pay and benefits are expected to remain in place. Cleco currently has about 1,200 employees.

The new ownership group is expected to bring additional investment support as Cleco continues work on reliability, infrastructure upgrades and long-term system improvements. In the last decade, the company has invested roughly $3 billion in upgrades and resiliency efforts, including a grid hardening project approved by regulators in 2025.

Company officials said the acquisition is intended to support Cleco’s continued role in Louisiana’s energy system and economic development.

The sale must still receive required regulatory approvals before it is finalized.