Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Instrument [Line Items]

Schedule of Total Indebtedness

Cleco’s total long-term indebtedness as of December 31, 2024, and 2023 was as follows:

Cleco
	AT DEC. 31,
(THOUSANDS)	2024		2023
Total Cleco Power long-term debt and finance leases, net	$	1,546,624	$	1,697,152
Cleco Holdings’ long-term debt, net
Senior notes, 3.250%, due 2025	—		165,000
Senior notes, 3.743%, due 2026	360,000		535,000
Senior notes, 3.375%, due 2029	300,000		300,000
Senior notes, 4.973%, due 2046	350,000		350,000
Bank term loan, variable rate, due 2024	—		66,700
Long-term debt due within one year	—		(66,497)
Unamortized debt issuance costs(1)	(1,523)		(2,776)
Fair value adjustment	89,942		97,345
Total Cleco long-term debt and finance leases, net	$	2,645,043	$	3,141,924

(1) For December 31, 2024, and 2023, this amount includes unamortized debt issuance costs for Cleco Holdings of $5.4 million and $7.0 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $3.9 million and $4.3 million, respectively. For more information, see Note 6 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.”

Schedule of Future Amounts Payable Under Long-Term Debt Agreements

The principal amounts payable under long-term debt agreements for each year through 2029 and thereafter are as follows:

(THOUSANDS)	CLECO POWER		CLECO
For the year ending Dec. 31,
2025 (1)	$	215,087	$	215,087
2026	$	245,699	$	605,699
2027	$	66,336	$	66,336
2028	$	216,999	$	216,999
2029	$	17,688	$	317,688
Thereafter	$	1,064,118	$	1,414,118

(1) Does not include Series A GO Zone bonds that have a maturity date of December 2038 but a mandatory tender in May 2025.

CLECO POWER

Debt Instrument [Line Items]

Schedule of Total Indebtedness

Cleco Power’s total long-term indebtedness as of December 31, 2024, and 2023 was as follows:

Cleco Power
	AT DEC. 31,
(THOUSANDS)	2024		2023
Bonds
Senior notes, 3.17%, due 2024	$	—	$	50,000
Senior notes, 3.68%, due 2025	75,000		75,000
Senior notes, 3.47%, due 2026	130,000		130,000
Senior notes, 5.96%, due 2026	100,000		100,000
Senior notes, 4.33%, due 2027	50,000		50,000
Senior notes, 3.57%, due 2028	200,000		200,000
Senior notes, 6.50%, due 2035	295,000		295,000
Senior notes, 6.00%, due 2040	250,000		250,000
Senior notes, 5.12%, due 2041	100,000		100,000
Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025	50,000		50,000
Series B GO Zone bonds, 4.25%, due 2038	50,000		50,000
Cleco Securitization I storm recovery bonds, 4.016%, due 2033	100,927		115,426
Cleco Securitization I storm recovery bonds, 4.646%, due 2044	300,000		300,000
Total bonds	1,700,927		1,765,426
Bank term loan, variable rate, due 2025	125,000		125,000
Finance leases
Barge lease obligations (1)	—		12,971
Gross amount of long-term debt and finance leases	1,825,927		1,903,397
Long-term debt due within one year	(264,934)		(189,389)
Finance leases classified as long-term debt due within one year	—		(925)
Unamortized debt discount	(3,866)		(4,178)
Unamortized debt issuance costs	(10,503)		(11,753)
Total long-term debt and finance leases, net	$	1,546,624	$	1,697,152
(1) For more information on Cleco Power’s barge lease obligations, see Note 4 — Leases — Finance Lease.”