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3mo ago

Constellation Energy to Acquire Calpine in $26.6 Billion Deal

The acquisition will create the largest clean energy provider in the U.S., expanding Constellation's footprint in key markets like Texas and California.

Overview

  • Constellation Energy announced it will acquire private energy company Calpine for $26.6 billion in a cash and stock deal, including the assumption of $12.7 billion in debt.
  • The combined company will have nearly 60 gigawatts of capacity from nuclear, natural gas, geothermal, wind, solar, and battery storage energy sources.
  • This acquisition significantly expands Constellation's presence in high-demand markets, including Texas and California, while maintaining headquarters in Baltimore and a major presence in Houston.
  • The deal is expected to generate over $2 billion in annual free cash flow and $2 in earnings per share beyond 2026, enabling further investments in clean energy technologies.
  • Pending regulatory approvals, the transaction is anticipated to close within 12 months, positioning the merged entity as the nation's leading retail electricity supplier with 2.5 million customers.