The US energy utility Constellation has entered into a definitive agreement to acquire the US power group Calpine Corporation for an equity purchase price of approximately US$16.4bn, which would create the largest "low emission" power generation company (mainly from nuclear and gas-fired power plants).
Constellation Energy Corporation has the largest nuclear fleet in the United States, and operates over 32 GW of nuclear, wind, solar, gas-fired and hydropower capacity, enough to power the equivalent of 16 million homes and providing about 10% of the country’s clean energy. The company aims to achieve a 100% carbon-free generation by 2040. Calpine operates 79 power plants - mainly gas-fired and geothermal - with a combined capacity of over 27 GW. The joint portfolio would have a capacity of nearly 60 GW including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration and battery storage across the United States, which should supply over 2.5 million homes and businesses, positioning Constellation as the largest clean energy provider, low-emission natural gas energy producer and leading competitive retail electric supplier in the US. The acquisition of Calpine includes a considerable portfolio of low-emission gas-fired and renewable energy capacities, including the largest geothermal generation operation in the US.
The transaction is expected to close within 12 months of signing, subject to the satisfaction of customary closing conditions.
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