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

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.

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SOURCE Calpine Corporation