Calpine Secures Texas Energy Fund Loan for Pin Oak Creek Peaking Facility In Freestone County

Rhea-AI Summary

Calpine (NYSE:CEG) closed a Texas Energy Fund loan to support development of the 460-megawatt Pin Oak Creek peaking facility adjacent to its Freestone Energy Center in Freestone County, Texas.

The facility is under construction and is expected to be operational before summer 2026; it is designed to start within minutes to supply additional power during periods of peak demand and support continued economic growth in Texas.

Positive

• 460 MW peaking capacity under construction
• Loan agreement closed with Texas Energy Fund
• Target operational date: before summer 2026
• Fast-start design to deliver power within minutes
• Located adjacent to existing Freestone Energy Center

Negative

• None.

News Market Reaction

+2.27%

2 alerts

+2.27% News Effect

+$2.86B Valuation Impact

$128.88B Market Cap

0.2x Rel. Volume

On the day this news was published, CEG gained 2.27%, reflecting a moderate positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $2.86B to the company's valuation, bringing the market cap to $128.88B at that time.

Data tracked by StockTitan Argus on the day of publication.

HOUSTON, Oct. 14, 2025 /PRNewswire/ -- Calpine Corporation today announced the close of a Texas Energy Fund loan agreement to support development of a 460-megawatt peaking facility adjacent to the company's Freestone Energy Center, in Freestone County, Texas. The facility is currently under construction and is expected to be operational next year.

"Calpine is proud to demonstrate our commitment to Texas with support from the Texas Energy Fund Loan Program for our new Pin Oak Creek Energy Center in Freestone County," said Caleb Stephenson, Executive Vice President, Commercial Operations at Calpine. "This 460-megawatt, state-of-the-art facility will be up and running before the summer of 2026. Designed to start within minutes, this facility will deliver safe, reliable power exactly when Texans need it most." 

"We're grateful for the leadership of Governor Abbott and the Texas Legislature and for their dedication to keeping energy reliable and affordable for all Texans," Stephenson added. "Calpine is excited to keep investing in Texas and to bring more power generation online in the years ahead to support our growing communities."

The Pin Oak Creek project will help the state of Texas to support the continued economic growth that has dramatically increased the power demands on the state's grid. The facility is designed to ramp up quickly and provide additional power during periods of peak energy usage.

About Calpine:

Calpine Corporation is America's largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Our fleet of 79 energy facilities in operation represents over 27,000 megawatts of generation capacity. Through wholesale power operations and our retail businesses, we serve customers in 22 states and Canada. Our clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner. We are uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. Calpine Corporation is a private corporation owned by a consortium of investors, led by Energy Capital Partners (ECP). This group also includes Access Industries and the Canada Pension Plan Investment Board. On January 10, 2025, Calpine announced entry into an agreement with Constellation (Nasdaq: CEG) under which Constellation will acquire Calpine. If you would like to learn more about Calpine, follow us: Linkedin.com/company/Calpine.

MEDIA CONTACT
Brett Kerr
Brett.kerr@calpine.com

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SOURCE Calpine Corporation

FAQ

What did Calpine announce on October 14, 2025 about the Pin Oak Creek project (CEG)?

Calpine announced it closed a Texas Energy Fund loan to support a 460 MW peaking facility in Freestone County, expected online before summer 2026.

How large is the Pin Oak Creek peaking facility and when will CEG expect it to be operational?

The facility is 460 megawatts and is expected to be operational before summer 2026.

What is the purpose of Calpine's Pin Oak Creek peaking facility (CEG)?

It is designed as a fast-start peaking plant to ramp up within minutes and provide additional power during periods of peak energy usage.

Where is Calpine building the Pin Oak Creek Energy Center and how is it sited relative to existing assets?

The project is in Freestone County, Texas, adjacent to Calpine's existing Freestone Energy Center.

What financing did Calpine secure for the Pin Oak Creek project (CEG) and who provided it?

Calpine closed a loan agreement under the Texas Energy Fund Loan Program to support the project's development.