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News
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LCG, October 14, 2025--Calpine Corporation today announced the close of a Texas Energy Fund (TxEF) loan agreement to support development of the Pin Oak Creek project, a 460-MW, natural gas-fired peaking facility adjacent to Calpine's Freestone Energy Center, a gas-fired combined-cycle facility located on approximately 506 acres near Fairfield, Texas.
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LCG, October 7, 2025--Greenflash Infrastructure, L.P. ("Greenflash") today announced that it has successfully closed a hybrid tax capital and debt financing for Project Soho - a 400MW / 800MWh standalone battery storage project in Texas.
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Industry News
Calpine Closes Texas Energy Fund Loan for 460-MW Pin Oak Creek Peaking Facility
LCG, October 14, 2025--Calpine Corporation today announced the close of a Texas Energy Fund (TxEF) loan agreement to support development of the Pin Oak Creek project, a 460-MW, natural gas-fired peaking facility adjacent to Calpine's Freestone Energy Center, a gas-fired combined-cycle facility located on approximately 506 acres near Fairfield, Texas.
The Pin Oak Creek peaking project is now under construction and is scheduled to be operational next year. The project will interconnect within the ERCOT North Load Zone, which includes the Dallas-Fort Worth metroplex. The facility is designed to ramp up quickly and provide additional power during periods of peak energy usage. The peaking capacity 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 TxEF provides funding opportunities for electric generation projects—both inside and outside of the Electric Reliability Council of Texas (ERCOT) power region—through four programs based on an application process and award system developed by the Public Utility Commission of Texas. The Texas Legislature appropriated $5 billion to fund for Fiscal Years 2025-2026 and an additional $4 billion for Fiscal Years 2027-2028.
The Public Utility Commission of Texas will issue a $278.3 million, low-interest loan to Calpine under the TxEF’s In-ERCOT Generation Loan Program, which covers 60 percent of the project’s estimated $464 million total cost. The 20-year loan will carry a 3 percent interest rate and run from October 27, 2026, through December 31, 2045.
"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 Calpine's Executive Vice President, Commercial Operations. "This 460-MW, 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," he 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."
On January 10, 2025, Calpine announced entry into an agreement with Constellation under which Constellation will acquire Calpine.
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UPLAN-NPM
The Locational Marginal Price Model (LMP) Network Power Model
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UPLAN-ACE
Day Ahead and Real Time Market Simulation
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UPLAN-G
The Gas Procurement and Competitive Analysis System
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