Constellation Energy Stock Rises on Calpine Power Plant Funding News
Constellation Energy (CEG) shares climbed more than 2% Tuesday, outperforming the broader market's modest gains. The uptick followed news that Calpine, a utility set to be acquired by Constellation, secured financing for a new Texas power plant.
Calpine obtained a loan from the Texas Energy Fund to build a 460-megawatt peaking facility NEAR its Freestone Energy Center. The project, already under construction, is slated for completion in 2026. While loan terms remain undisclosed, the development marks progress for the state-backed initiative to bolster power infrastructure.
Constellation's $16.4 billion acquisition of Calpine—including $12.7 billion in assumed debt—awaits regulatory approval. The deal, announced in January, is expected to close this quarter.
