LS Power has acquired Constellation Energy Corporation for $860.0 million, a transaction that transfers ownership of the Baltimore-based Fortune 200 company to the private energy infrastructure firm. The deal, which has been finalized, marks a significant consolidation in the U.S. power sector, bringing Constellation’s extensive generation portfolio under LS Power’s management.
Constellation operates the nation’s largest fleet of nuclear reactors, complemented by hydro, wind, and solar assets, with annual output that is nearly 90% carbon-free. The company supplies electricity to businesses, homes, and public sector clients, including three-fourths of Fortune 100 companies, and its generating capacity is sufficient to power the equivalent of 16 million homes. LS Power, a developer and operator of power generation and transmission infrastructure, will now oversee these assets, adding Constellation’s scale to its existing portfolio of conventional and renewable projects.
The acquisition is strategic for LS Power, which gains immediate access to Constellation’s large, contracted customer base and its position as a leading clean energy supplier. For Constellation, the transaction provides a new ownership structure with a firm focused on long-term infrastructure investment, potentially easing capital constraints for future projects. The combined entity will control a diversified mix of nuclear, hydro, wind, and solar generation, strengthening its ability to serve large commercial and industrial clients seeking reliable, low-carbon power.
Post-deal, LS Power is expected to integrate Constellation’s operations into its existing management framework, though no specific leadership changes or operational shifts have been announced. The acquisition also removes Constellation from public markets, as the company will no longer trade on Nasdaq under the ticker CEG. The combined organization will rank among the largest clean energy providers in the country, with a focus on maintaining Constellation’s existing contracts and advancing its stated commitment to innovative technologies for a sustainable energy future.