Why it matters
The strategic read
Adds the Texas merchant-power version of the AI data-center bottleneck: CyrusOne is not just leasing shells, it is locking power, grid connectivity and site infrastructure beside Calpine generation assets. The combined Texas package clears the gigawatt line and shows how large data-center developers are using colocated generation and private power agreements to get around slower utility interconnection timelines.
Source-supported terms
What was disclosed
- 01
Constellation said Calpine signed a new 380 MW agreement with CyrusOne to connect and serve a new data-center facility adjacent to the Freestone Energy Center in Freestone County, Texas.
- 02
The agreement gives CyrusOne access to power, grid connectivity and site infrastructure needed to support the new facility while keeping electricity flowing to the regional grid.
- 03
Calpine also entered an exclusive agreement to provide power, grid connectivity and site infrastructure for Phase 2, which would add another 380 MW.
- 04
The Freestone agreements are in addition to 400 MW of agreements announced in the second half of 2025 between Calpine and CyrusOne for the Thad Hill Energy Center in Bosque County, Texas.
- 05
Constellation described the package as more than 1,100 MW under contract for CyrusOne data centers in Texas.
- 06
The new Freestone facility is planned adjacent to Calpine's existing Freestone Energy Center, roughly 80 miles southeast of Dallas.
- 07
Constellation later disclosed that the PUCT approved the net-metering application for colocation of a CyrusOne data center at the Freestone site, subject to conditions.
Disclosure boundary
What is known—and what is not
Primary Constellation/Calpine announcement and Constellation filings; full power-pricing terms, CyrusOne customer/tenant identity, phase timing, PUCT condition details, EPC awards, data-center capex, load-ramp schedule, curtailment terms and environmental permits are not fully public.