Constellation Energy Corporation announced the acquisition of Calpine Corporation in a cash and stock transaction valued at approximately $16.4 billion, further solidifying its position as the nation's largest clean energy provider. The combined company will boast nearly 60 gigawatts of generation capacity, leveraging Constellation’s emissions-free nuclear energy and Calpine’s low-emission natural gas and geothermal assets.

This acquisition expands Constellation’s footprint, enhancing its presence in fast-growing energy markets like Texas and California, while creating a broader array of energy and sustainability solutions for 2.5 million customers nationwide. The transaction is projected to be highly accretive, adding more than $2 billion in annual free cash flow and at least $2 per share in earnings per year.

“This acquisition allows us to better serve our customers with the cleanest and most reliable energy portfolio,” said Joe Dominguez, CEO of Constellation. Andrew Novotny, CEO of Calpine, emphasized the deal’s potential to accelerate investments in technologies such as zero-emission nuclear and battery storage.

The transaction is expected to close within 12 months, subject to regulatory approvals. Constellation will maintain its headquarters in Baltimore while retaining a significant presence in Houston.