Overview
- Calpine said it obtained a loan agreement from the Texas Energy Fund to help build a 460-megawatt peaking facility next to its Freestone Energy Center.
- Constellation shares closed more than 2% higher on Tuesday, outpacing the S&P 500’s 0.3% rise.
- The rally carried into the next session, with the stock up about 2.9% as of 12:09 a.m. ET on Wednesday, aided by bullish analyst commentary.
- Calpine disclosed no financial terms for the loan; the plant is already under construction and targeted to be operational in 2026.
- Constellation agreed in January to acquire Calpine in a roughly $16.4 billion cash-and-stock deal, including the assumption of about $12.7 billion of debt, with closing expected this quarter pending approvals.