Constellation to Sell Assets to LS Power for $5 Billion (3)

Constellation Energy Corp. agreed to sell a portfolio of US electric-generation assets to LS Power for about $5 billion, following through on mandated divestitures.

The portfolio comprises 4.4 gigawatts of predominantly natural gas-fired plants in Delaware and Pennsylvania, which sit within the biggest US electric grid. Constellation said the deal represents an acquisition price of about $1,142 per kilowatt, according to a statement Wednesday.

The proposed sale follows Constellation’s landmark acquisition of Calpine Corp., an owner of power plants. As part of the Calpine deal, which closed in January, the US Justice Department required divestitures. The LS Power deal would ...