par energy_isere » 13 janv. 2025, 23:14
Constellation to Acquire Calpine for $26.6B, Form Clean Energy Giant
by Rocky Teodoro|Rigzone Staff | Monday, January 13, 2025
The acquisition 'creates the cleanest and most reliable generation portfolio in the USA, with a diverse, coast-to-coast portfolio of zero- and low-emission generation assets'.
Constellation Energy Corporation is acquiring Calpine Corp. to create the “nation’s largest clean energy provider”.
The two companies have entered into an agreement under which Constellation will acquire Calpine in a cash and stock transaction valued at an equity purchase price of approximately $16.4 billion, composed of 50 million shares of Constellation stock and $4.5 billion in cash plus the assumption of approximately $12.7 billion of Calpine's net debt.
After accounting for cash that is expected to be generated by Calpine between signing and the expected closing date, as well as the value of tax attributes at Calpine, the net purchase price is $26.6 billion, Constellation said in a news release.
The acquisition “creates the cleanest and most reliable generation portfolio in the USA, with a diverse, coast-to-coast portfolio of zero- and low-emission generation assets,” Constellation said.
The acquisition “creates the cleanest and most reliable generation portfolio in the USA, with a diverse, coast-to-coast portfolio of zero- and low-emission generation assets,” Constellation said.
The transaction is expected to close within 12 months of signing, subject to the satisfaction of customary closing conditions, including the expiration or termination of the waiting period pursuant to the Hart-Scott-Rodino Act, and regulatory approvals from the Federal Energy Regulatory Commission, the Canadian Competition Bureau, the New York Public Service Commission, the Public Utility Commission of Texas and other regulatory agencies.
The combination of Constellation and Calpine will have nearly 60 gigawatts (GW) of capacity from zero- and low-emission sources, including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration and battery storage. The combined company’s footprint will include a significantly expanded presence in Texas, the fastest growing market for power demand, as well as other key strategic states, including California, Delaware, New York, Pennsylvania, and Virginia, according to the release.
Constellation also noted that the combination also forms the “nation’s leading competitive retail electric supplier,” providing 2.5 million customers with a broader array of customized energy and sustainability solutions and new product offerings.
Calpine’s low-emission natural gas plants “will play a key role in maintaining grid reliability for decades to come,” Constellation said. The Baltimore-based company stated it will 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, in addition to restarting the Crane Clean Energy Center in Pennsylvania.
“This acquisition will help us better serve our customers across America, from families to businesses and utilities,” Constellation President and CEO Joe Dominguez said. “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. Both companies have been at the forefront of America’s transition to cleaner, more reliable and secure energy, and those shared values will guide us as we pursue investments in new and existing clean technologies to meet rising demand”.
Calpine President and CEO Andrew Novotny said, “This is an incredible opportunity to bring together top tier generation fleets, leading retail customer businesses and the best people in our industry to help drive a stronger American economy for a cleaner, healthier and more sustainable future. Together, we will be better positioned to bring accelerated investment in everything from zero-emission nuclear to battery storage that will power our economy in a way that puts people and our environment first”.
Upon the close of the transaction, Constellation said it will continue to be headquartered in Baltimore and will continue to maintain a significant presence in Houston, where Calpine is currently headquartered.
https://www.rigzone.com/news/constellat ... 4-article/
[quote] [b][size=110]Constellation to Acquire Calpine for $26.6B, Form Clean Energy Giant[/size][/b]
by Rocky Teodoro|Rigzone Staff | Monday, January 13, 2025
The acquisition 'creates the cleanest and most reliable generation portfolio in the USA, with a diverse, coast-to-coast portfolio of zero- and low-emission generation assets'.
Constellation Energy Corporation is acquiring Calpine Corp. to create the “nation’s largest clean energy provider”.
The two companies have entered into an agreement under which Constellation will acquire Calpine in a cash and stock transaction valued at an equity purchase price of approximately $16.4 billion, composed of 50 million shares of Constellation stock and $4.5 billion in cash plus the assumption of approximately $12.7 billion of Calpine's net debt.
After accounting for cash that is expected to be generated by Calpine between signing and the expected closing date, as well as the value of tax attributes at Calpine, the net purchase price is $26.6 billion, Constellation said in a news release.
The acquisition “creates the cleanest and most reliable generation portfolio in the USA, with a diverse, coast-to-coast portfolio of zero- and low-emission generation assets,” Constellation said.
The acquisition “creates the cleanest and most reliable generation portfolio in the USA, with a diverse, coast-to-coast portfolio of zero- and low-emission generation assets,” Constellation said.
The transaction is expected to close within 12 months of signing, subject to the satisfaction of customary closing conditions, including the expiration or termination of the waiting period pursuant to the Hart-Scott-Rodino Act, and regulatory approvals from the Federal Energy Regulatory Commission, the Canadian Competition Bureau, the New York Public Service Commission, the Public Utility Commission of Texas and other regulatory agencies.
[color=#FF0000]The combination of Constellation and Calpine will have nearly 60 gigawatts (GW) of capacity from zero- and low-emission sources, including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration and battery storage. [/color]The combined company’s footprint will include a significantly expanded presence in Texas, the fastest growing market for power demand, as well as other key strategic states, including California, Delaware, New York, Pennsylvania, and Virginia, according to the release.
Constellation also noted that the combination also forms the “nation’s leading competitive retail electric supplier,” providing 2.5 million customers with a broader array of customized energy and sustainability solutions and new product offerings.
Calpine’s low-emission natural gas plants “will play a key role in maintaining grid reliability for decades to come,” Constellation said. The Baltimore-based company stated it will 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, in addition to restarting the Crane Clean Energy Center in Pennsylvania.
“This acquisition will help us better serve our customers across America, from families to businesses and utilities,” Constellation President and CEO Joe Dominguez said. “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. Both companies have been at the forefront of America’s transition to cleaner, more reliable and secure energy, and those shared values will guide us as we pursue investments in new and existing clean technologies to meet rising demand”.
Calpine President and CEO Andrew Novotny said, “This is an incredible opportunity to bring together top tier generation fleets, leading retail customer businesses and the best people in our industry to help drive a stronger American economy for a cleaner, healthier and more sustainable future. Together, we will be better positioned to bring accelerated investment in everything from zero-emission nuclear to battery storage that will power our economy in a way that puts people and our environment first”.
Upon the close of the transaction, Constellation said it will continue to be headquartered in Baltimore and will continue to maintain a significant presence in Houston, where Calpine is currently headquartered.
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https://www.rigzone.com/news/constellation_to_acquire_calpine_for_266b_form_clean_energy_giant-13-jan-2025-179284-article/