Low-Emission Natural Gas Generation
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Constellation To Acquire Calpine; Creates America’s Leading Producer of Clean and Reliable Energy to Meet Growing Demand for Customers and Communities
Constellation Energy Corporation is acquiring Calpine Corporation in a cash and stock transaction valued at approximately $16.4 billion. The acquisition creates the nation’s largest clean energy provider, with a diverse portfolio of zero- and low-emission generation assets. The combined company will have nearly 60 gigawatts of capacity from zero- and low-emission sources, including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration, and battery storage. The acquisition is expected to deliver benefits to Constellation’s owners, with expected immediate adjusted operating earnings per share accretion of more than 20% in 2026 and at least $2 per share of EPS accretion in future years. The transaction is projected to add more than $2 billion of free cash flow annually, creating strategic capital and scale to reinvest in the business.