Acquisition to expand Constellation’s ISO New England portfolio with 609 megawatts of flexible, dispatchable generation that supports regional grid reliability

Constellation (NASDAQ:CEG) today announced an agreement to acquire 100% of RISEC Holdings, LLC (RISEC), owner of the Rhode Island State Energy Center, from Shell Energy North America, (US), L.P. (SENA) a subsidiary of Shell plc (Shell) for $715 million, subject to customary purchase price adjustments.

The $715 million purchase price is equivalent to approximately $580 million net of expected first year tax benefits. The transaction is expected to be immediately accretive to Constellation’s operating earnings, deliver returns above the company’s 10% unlevered return threshold, and will not impact its ability to execute $5 billion of authorized share repurchases by the end of 2027.

The transaction is expected to close following receipt of customary regulatory approvals and satisfaction of other closing conditions. Until closing, RISEC will continue to operate under its current ownership.