With this knowledge, it is no surprise where the Calvin cycle takes place in a cell. Clearly the need for ATP and NADPH will put the Calvin cycle on the stroma side of the thylakoid membrane where these high-energy molecules are produced by the light reactions. The chemical reactions converting carbon dioxide to carbohydrate are enzymatic rather than electronic, so they are not associated with the thylakoid itself. Rather the Calvin cycle enzymes are dissolved in the stroma (the cytosol of the ancient endosymbiont).