United States: Constellation Energy to acquire Calpine Corporation
Jan 13, 2025 | Posted by Abdul-Rahman Oladimeji
US energy giant Constellation Energy has agreed to acquire Calpine Corporation, an independent power producer, for $26.6 billion, including debt considerations in a transaction that includes 50 million shares of Constellation stock, $4.5 billion in cash, and the assumption of about $12.7 billion in Calpine’s net debt.
The transaction, expected to close in the second half of 2025, would give the companies a collective capacity of 60GW. This capacity will span the continental US and include various sources, including nuclear, natural gas, geothermal, hydro, wind, and solar.
The transaction, expected to close in the second half of 2025, would give the companies a collective capacity of 60GW. This capacity will span the continental US and include various sources, including nuclear, natural gas, geothermal, hydro, wind, and solar.
“By combining Constellation’s unmatched expertise in zero-emission nuclear energy with Calpine’s industry-leading, best-in-class, low-carbon natural gas and geothermal generation fleets, we will be able to offer the broadest array of energy products and services available in the industry,” said Joe Dominguez, president and CEO of Constellation.
Calpine will operate as an independent entity, with CEO Andrew Novotny remaining in post. “Together, we will be better positioned to bring accelerated investment in everything from zero-emission nuclear to battery storage that will power our economy in a way that puts people and our environment first,” said Novotny.
Calpine will operate as an independent entity, with CEO Andrew Novotny remaining in post. “Together, we will be better positioned to bring accelerated investment in everything from zero-emission nuclear to battery storage that will power our economy in a way that puts people and our environment first,” said Novotny.
