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Constellation Energy, the biggest owner of U.S. nuclear power plants, will buy Calpine in a cash and stock deal valued at an equity purchase price of about $16.4 billion to create America’s largest clean energy provider.
Constellation Energy and Calpine, the largest U.S. producer of energy from low-emission natural gas generation and the largest geothermal generation operation in the U.S., announced on Friday that the cash and stock transaction would be composed of 50 million shares of Constellation stock and $4.5 billion in cash plus the assumption of about $12.7 billion of Calpine net debt.
The acquisition will create America’s largest clean energy provider, “opening opportunities to serve more customers coast-to-coast with a broader array of energy and sustainability products,” Constellation Energy said in a statement.
Both Constellation Energy and Capline have been early investors in carbon sequestration technology to help ensure America’s abundant natural gas can continue to reliably power customers.
At the same time, Constellation plans to invest in adding more zero-emission energy to the grid by extending the life of existing clean energy sources, exploring new advanced nuclear projects, investing in renewables, and increasing the output of existing nuclear plants it operates, the company said.
Last autumn, Constellation Energy signed its largest-ever power purchase agreement with Microsoft, which paved the way for the restart of the Three Mile Island Unit 1 nuclear plant. The 20-year agreement envisages the launch of the Crane Clean Energy Center (CCEC) with the restart of Three Mile Island Unit 1, Constellation said in September 2024.
“By combining Constellation’s unmatched expertise in zero-emission nuclear energy with Calpine’s industry-leading, best-in-class, low-carbon natural gas and geothermal generation fleets, we will be able to offer the broadest array of energy products and services available in the industry,” Joe Dominguez, Constellation Energy’s president and CEO, said today.
By Tsvetana Paraskova for Oilprice.com
The post Constellation Energy to Buy Calpine in $16.4 Billion Deal appeared first on Energy News Beat.
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