Constellation completes acquisition of Calpine’s Geysers assets
Geothermal plant at the Geysers, California/ U.S. (source: ThinkGeoEnergy, creative commons)
Alexander Richter
30 Jan 2026
Constellation has completed its acquisition of Calpine’s geothermal assets at The Geysers in California, following an agreement announced in early 2025.
Constellation has completed the acquisition of Calpine’s geothermal assets at The Geysers in California, finalising a transaction that was first announced in early 2025.
Transaction completion confirmed
According to US media reporting, the deal has now closed following the completion of regulatory and contractual steps required to transfer ownership. The acquisition covers Calpine’s geothermal operations at The Geysers, the world’s largest geothermal power complex.
The transaction was originally announced in early 2025 as part of Calpine’s broader strategic restructuring and Constellation’s expansion of its clean energy portfolio.
The Geysers geothermal complex
Located north of San Francisco, The Geysers geothermal field has an installed capacity of more than 700 MW across multiple power plants. The complex has been in operation for decades and remains a cornerstone of geothermal power generation in the United States.
Geothermal power from The Geysers provides baseload, carbon-free electricity and plays a significant role in California’s renewable energy mix.
Strategic context
For Constellation, the acquisition strengthens its position in zero-carbon generation and adds a large-scale geothermal asset to its existing nuclear, hydro, wind, and solar portfolio. For Calpine, the completed sale marks a further step in focusing its business on other generation assets.
No changes to plant operations or staffing have been publicly announced in connection with the transaction’s completion.
Continued relevance for US geothermal
The finalisation of the acquisition underscores continued investor interest in established geothermal assets in the United States, particularly those with long operating histories and proven performance.
The transaction also highlights the role of geothermal energy as a mature, utility-scale renewable technology within evolving clean energy portfolios.
Source: Press Democrat
