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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