Calpine Corporation — largest US power generator with ~26 GW of natural gas + geothermal (725 MW The Geysers, CA) capacity across 80 facilities
Largest power M&A of 2025. $16.4B equity ($4.5B cash + 50M Constellation shares) plus assumed $12.7B Calpine net debt = $26.6B enterprise value. 7.9x 2026 EV/EBITDA multiple. Creates America's leading clean and reliable energy producer combining Constellation's 22 GW nuclear/hydro fleet with Calpine's gas and geothermal portfolio. Sellers: ECP-led consortium including Access Industries and CPP Investments (Calpine bought private 2018 for $17.1B). Latham & Watkins (Calpine), Kirkland & Ellis (Constellation). Closed Q1 2026 after Q4 2025 antitrust clearance. Combined ~60 GW low-carbon + flexible portfolio.
$26.60B
Deal Value
26,000MW
Capacity
Nuclear
Technology
Multi-state
Location
Deal Details
- Deal Type
- Corporate M&A
- Seller / Sponsor
- Energy Capital Partners (ECP) consortium
- Buyer / Financier
- Constellation Energy
- Deal Value
- $26.6B
- Stage
- Operating
- ISO/RTO
- Multiple
- Source
- Constellation Energy IR
Service Providers
Advisory & Legal
- Buyer Counsel
- Kirkland & Ellis
- Seller Counsel
- Latham & Watkins LLP
Related Deals
Crane Clean Energy Center (Three Mile Island Unit 1) — 835 MW nuclear restart, Londonderry Township PA
Constellation Energy → Microsoft
$1.6B (investment)
Clinton Clean Energy Center — 1,121 MW nuclear + 30 MW uprate, Clinton, Illinois
Constellation Energy → Meta
1,151 MW
Crane Clean Energy Center — 835 MW nuclear reactor restart, Pennsylvania (formerly Three Mile Island Unit 1)
Constellation Energy → DOE Loan Programs Office
$1B
Fleet of advanced nuclear SMR reactors — 500 MW total capacity by 2035
Kairos Power → Google
500 MW
Xe-100 high-temperature gas-cooled SMR fleet (80 MW per module) — 144 modules ordered to date (~11.5 GW)
X-Energy Reactor Company → Jane Street (lead), Ares Management funds, ARK Invest, Corner Capital, Emerson Collective
$700M (Series D)
Enel Green Power NA geothermal and solar portfolio — Cove Fort (UT), Stillwater & Salt Wells (NV), solar assets (CT)
Enel Green Power North America → Ormat Technologies
$271M
Get deals like this in your inbox
Free weekly clean energy deal intelligence. Every Monday.