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Constellation to acquire ECP-backed energy producer Calpine for $26.6bn
Based in Baltimore, Constellation is a provider of clean energy and a supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental US.
10 January 2025
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Aayush Sood
The transaction is expected to close within 12 months of signing
In addition to ECP, Calpine’s other backers include CPP Investments and Access Industries
Founded in 2005, ECP targets energy transition, electrification and decarbonization infrastructure assets
Constellation has agreed to acquire Houston-based energy producer Calpine Corp, a portfolio company of Energy Capital Partners, for $26.6 billion.
Based in Baltimore, Constellation is a provider of clean energy and a supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental US.
In addition to ECP, Calpine’s other backers include CPP Investments and Access Industries.
On the deal, Tyler Reeder, president and managing partner of ECP, said in a statement, “Since acquiring Calpine in 2018, we have focused on unlocking value and driving future potential growth avenues for the business, which we believe have been recognized through this combination. We truly cannot thank the Calpine team enough for their partnership and are excited to support their continued contributions to the Constellation team.”
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The transaction is expected to close within 12 months of signing.
Following the close of the transaction, Constellation will continue to be headquartered in Baltimore and will continue to maintain a significant presence in Houston, where Calpine is currently headquartered.
Lazard is serving as financial advisor to Constellation. J.P. Morgan Securities LLC is also serving as financial advisor to Constellation, and Kirkland & Ellis is serving as legal counsel.Evercore served as lead financial advisor to Calpine. Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC., and Barclays US are serving as additional financial advisors to Calpine and ECP, and Latham & Watkins and White & Case are serving as legal counsel.
Founded in 2005, ECP targets energy transition, electrification and decarbonization infrastructure assets.
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