Nasdaq-listed Constellation Energy Corporation has completed the acquisition of Calpine Corporation from Energy Capital Partners (ECP), creating the largest producer of electricity in the US and taking on a portfolio of geothermal assets.
They include The Geysers, one of the world’s largest and most productive geothermal energy sites, which has been active for more than six decades in Northern California.
Calpine’s 13 geothermal power plants across the 45-square-mile terrain generate enough renewable electricity to power approximately 725,000 homes annually.
A Constellation statement said the combined organisation will deliver reliable, clean power that keeps America moving.
“By uniting Constellation’s zero-emission nuclear fleet with Calpine’s industry-leading natural gas and geothermal generation, the company is building the foundation for America’s next great era of innovation — powering the data centres, advanced manufacturing facilities and critical infrastructure that will define the AI age and secure the nation’s economic leadership.”
Joe Dominguez, President and CEO of Constellation, said the company is stepping up to power America’s growth when the nation’s demand for energy is surging, and with global competitors racing to capture AI leadership.
“By uniting Constellation and Calpine, we’re providing the reliable, clean energy that keeps our communities strong, our businesses competitive and our nation secure,” he said.
The combined group will provide 2.5 million retail and business customers across the US with access to the broadest array of clean and reliable energy solutions.
“With 55 gigawatts of capacity, Constellation and Calpine together will be the platform where new clean technologies can scale — including advanced nuclear, geothermal, carbon capture and sequestration, and long-duration storage,” the statement continued.
The company will maintain its headquarters in Baltimore but with a significant presence in Houston.