Done Deal: Constellation Energy to Buy Calpine in $26.6 Bln Deal

The deal comes at a time when electricity demand is expected to rise to record highs this year, according to data from the U.S. Energy Information Administration.

The transaction, which is expected to close in the second half of 2025, could add $2 billion to Constellation’s free cash flow annually, and together the companies would have nearly 60 gigawatts (GW) of capacity from zero- and low-emission sources, including nuclear, natural gas and geothermal, Constellation said.

Reuters was the first to report in May last year that the three investment firms that took Calpine private in 2017 – Canadian Pension Plan Investment, Energy Capital Partners and Access Industries – were looking at options for Calpine including a sale.

Unlike regulated utilities, Calpine being an independent power producer allows it to sell power at market prices.