Constellation Acquires Control of Largest U.S. Independent Power Producer

The acquisition is valued at approximately $6 billion, with Constellation agreeing to pay $3.4 billion in cash and issue 32 million shares of its common stock worth around $2.7 billion. As part of the deal, Calpine’s board of directors has agreed to retire up to 10% of its issued share capital through a share repurchase program. The transaction is subject to regulatory approval from the Federal Energy Regulatory Commission (FERC) and the Securities and Exchange Commission (SEC). Upon completion, Constellation will own approximately 55 gigawatts (GW) of generation capacity, with Calpine’s power plants operating under its newly acquired subsidiary, Calpine Generation. This acquisition positions Constellation as one of the largest independent power producers in the United States. Constellation Energy, a leading provider of sustainable energy solutions, has set ambitious targets to reduce greenhouse gas emissions and increase renewable energy production. The acquisition of Calpine is expected to accelerate this growth, with Constellation committing to invest over $5 billion in new projects and expansions by 2026. The deal marks a significant milestone in Constellation’s history, as it expands its market presence and strengthens its position in the U.S. energy landscape. With this acquisition, Constellation now owns one of the largest networks of solar, wind, and natural gas power generation facilities in the country.