Constellation valued NRG’s stake in the South Texas Project electric generating station at $1.75bn. Credit: Business Wire/ Constellation Energy Generation.

Constellation Energy has concluded a $1.75bn deal to buy NRG Energy’s 44% stake in the South Texas Project electric generating station, a 2.6GW nuclear plant in Texas.

The plant is located 90 miles (144km) from Houston, along the west bank of the Colorado River in Matagorda County.

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The dual-unit nuclear power facility was completed in 1979 and initial filling began in July 1983.

Announced in June 2023, the acquisition was completed following a go-ahead from the Nuclear Regulatory Commission.

Constellation funded the deal using a mix of cash and debt.

The acquired 44% stake represents 1.1GW of output. The remaining 56% stake is held by Austin Energy and CPS Energy.

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Constellation president and CEO Joe Dominguez stated: “Growing our fleet of the nation’s best-run nuclear plants is at the heart of our growth strategy. As the world is waking up to the immense value of nuclear power to address the climate crisis and maintain energy security, Constellation will continue to look for opportunities to expand our ownership of assets like STP.

“We look forward to working with our new co-owners and the plant’s team members to provide reliable, clean and affordable energy, as well as economic benefits to the people of Texas.”

NRG president and CEO Mauricio Gutierrez stated: “Completion of the sale is an important step in creating shareholder value through optimising our diversified power supply portfolio.

“This transaction will release significant capital to fund our current share repurchase and debt reduction programmes. I look forward to updating stakeholders during our 2 November earnings call.”

Constellation operates 3.5GW of natural gas-fired power plants and 169MW of wind in Texas.

The company also supplies electricity, natural gas, energy efficiency and other services to 200,000 residential and commercial customers across the state.