Constellation Energy Corp's stock surged 5.02% in intraday trading on Tuesday, following the announcement that it will acquire Calpine Corp in a $26.6 billion cash and stock deal. This strategic acquisition will create the largest renewable energy supplier in the United States.

The deal will see Constellation Energy expand its renewable energy portfolio by adding Calpine's low-emission natural gas facilities and the largest geothermal generation operation in the U.S. The combined company will have nearly 60 gigawatts of capacity from zero- and low-emission sources like nuclear, natural gas, geothermal, hydro, wind, solar and battery storage.

With this acquisition, Constellation Energy aims to accelerate the nation's transition to clean energy. The company plans to invest in extending the life of existing clean energy sources, exploring new advanced nuclear projects, and increasing output from current nuclear plants. This positions Constellation Energy for further growth in the rapidly expanding renewable energy market.