Constellation Energy acquires The Geysers

Constellation Energy agreed to acquire The Geysers. Reported deal value: Undisclosed. Status: Pending. Sector: Energy. Target headquarters context: Santa Rosa, California, United States.

This page summarizes publicly available information about the transaction as of 2026-01-09. Figures and status may change as filings and press coverage update.

On January 7, 2026, Constellation completed its acquisition of Calpine Corporation from Energy Capital Partners in a cash-and-stock deal that included 50 million newly issued Constellation shares and $4.5 billion in cash , making Calpine a wholly owned subsidiary and creating what the company describes as the nation largest producer of electricity