Talen Energy Completes Sale of Pennsylvania Hydroelectric Plants

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Apr 01, 2016, 02:18 ET

ALLENTOWN, Pa., April 1, 2016 /PRNewswire/ -- Talen Energy Corporation (NYSE: TLN) completed the sale of the Holtwood and Lake Wallenpaupack hydroelectric plants on Friday (4/1) to a subsidiary of Brookfield Renewable Energy Partners L.P. The total purchase price was $860 million, subject to customary post-closing adjustments.

Closing of the sale completes asset divestitures within the PJM Interconnection energy market required by a December 2014 Federal Energy Regulatory Commission order approving the transactions that formed Talen Energy.

The two Pennsylvania hydroelectric plants – Holtwood in Lancaster County and Lake Wallenpaupack in the Pocono Mountain region – have a combined generating capacity of 292 megawatts.

RBC Capital Markets served as financial advisor to Talen Energy. Simpson, Thacher & Bartlett LLP was transaction counsel.

Talen Energy is one of the largest competitive energy and power generation companies in North America. Our diverse generating fleet operates in well-developed, structured wholesale power markets. To learn more about us, visit www.talenenergy.com.