On January 10, 2025, CPP Investments agreed to sell its 15.75% stake in Calpine Corporation to Constellation Energy as part of Constellation’s acquisition of Calpine. The transaction was valued at approximately US$2.6 billion (C$3.744 billion), consisting of US$700 million in cash (C$1.008 billion) and US$1.9 billion in Constellation stock (C$2.736 billion).

Lazard and J.P. Morgan Securities LLC advised Constellation, with Kirkland & Ellis as legal counsel. Evercore led financial advisory for Calpine and Energy Capital Partners (ECP), supported by Morgan Stanley, Goldman Sachs, and Barclays, with legal counsel from Latham & Watkins and White & Case.

The deal, expected to close in late 2025, is subject to regulatory approvals.