Baltimore-based Constellation Energy Corp. will acquire Houston-based energy company Calpine Corp. in a deal worth $16.4 billion, one of the largest energy acquisitions on record.
Constellation, which was spun off by Baltimore Gas & Electric owner Exelon Corp. in 2022, will pay $4.5 billion in cash, with the balance of the transaction in company stock. It will also assume $12.7 billion in Calpine debt.
The merger will create the nation’s largest clean energy provider. Constellation is the largest owner and operator of nuclear power plants. Calpine operates the largest geothermal generation plant in the country, and is the largest producer of energy from low-emission natural gas generation.
Combined, the two companies will serve 2.5 million customers.
Constellation also operates natural gas and hydroelectric power plants. Calpine has a total of 78 energy producing facilities.
The acquisition still needs regulatory approval. Constellation expects it to close within 12 months.
It is the second large acquisition for Constellation since being spun off from Exelon. In 2023, it paid $1.75 billion for NRG Energy’s stake run a Texas nuclear power plant.
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