Stonepeak, Bernhard in Advanced Talks to Buy Cleco Power

Stonepeak Partners LP and Bernhard Capital Partners are in advanced talks to buy Cleco Power from Macquarie Group Ltd., a sale that comes as electricity demand from data centers soars across the US.

The deal would value Cleco at more than $5 billion in enterprise value, according to people familiar with the matter who aren’t authorized to speak publicly. No final decision has been made and Macquarie could opt against pursuing a sale. It’s still possible that another bidder could emerge.

Cleco, which owns five Louisiana plants that run mostly on natural gas, was acquired in 2016 for about ...