Constellation Energy Acquires Calpine from Energy Capital Partners

January 7, 2026

Constellation Energy completed its acquisition of Calpine Corporation from Energy Capital Partners (ECP) in a transaction valued at $26.6 billion, creating the largest U.S. electricity producer. The combined company pairs Constellation’s nuclear generation with Calpine’s natural gas and geothermal assets to serve 2.5 million retail and business customers nationwide.

Buyers
Constellation Energy Corporation, Constellation Energy (operating entity references in coverage)
Targets
Calpine Corporation
Sellers
Energy Capital Partners (ECP)
Industry
Energy
Location
Texas, United States
Transaction Type
Buyout

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