Constellation Energy is reportedly close to acquiring Calpine in what would be one of the largest ever purchases in power generation, according to multiple reports.

Constellation is currently in talks with Calpine’s private equity owners, which include an affiliate of Energy Capital Partners and other investors, to nail down the details of an acquisition that could value Calpine around $30 billion including debt, Bloomberg reports, citing “people familiar with the matter.”

The deal, if materialized, would be one of the biggest in the history of power generation. Constellation already owns and operates the largest fleet of nuclear plants in the United States.

According to its website, Calpine has a fleet of 78 energy facilities – including natural gas-fired, geothermal, solar and battery storage, representing around 27,000 MW of capacity. Calpine holds a majority stake in “The Geysers,” a collection of 19 geothermal power plants outside Sonoma, California that is collectively the largest producer of geothermal power in North America, at 725 MW.

Calpine is also running carbon capture pilot projects at multiple gas-fired plants in the U.S. The Houston-based company went private in 2017 in a $17 billion deal.

Citing the “people familiar with the matter,” Bloomberg reports that Constellation sees the deal as a chance to expand its power generation portfolio in a time a record electricity demand growth. However, the conversations surrounding the potential deal are still ongoing, and the price could still ultimately change.

After years of flat demand, electricity load growth forecasts have exploded, largely driven by data centers, industry and electrification.

We will continue to update this story as we learn more information.