Talen Energy Secures $1.2B for Acquisition of Two Natural Gas Plants
Talen Energy Corporation, a prominent independent power producer, has announced a significant financing deal worth $1.2 billion. This move paves the way for the company's acquisition of two natural gas-fired power plants: the Freedom Energy Center in Pennsylvania and the Guernsey Power Station in Ohio.
Talen Energy, with approximately 10.3 gigawatts of power infrastructure in the United States, is financing these acquisitions through its subsidiary, Talen Energy Supply, LLC. The financing includes both upfront and delayed draw loans, providing the company with flexibility to meet its funding and timing needs.
The Freedom Energy Center, a 1,045 MW plant in Luzerne County, Pennsylvania, and the Guernsey Power Station, a 1,836 MW plant in Guernsey County, Ohio, are the two acquisitions. The consummation of these acquisitions is not dependent on each other and is not guaranteed.
The loans were facilitated by JPMorgan Chase Bank, N.A., KeyBank National Association, and Credit Suisse AG. Additionally, Talen Energy has extended the maturity of its stand-alone letter of credit facility to December 2027 and upsized it to $1.1 billion. The company also increased its existing $700 million revolving credit facility to $900 million.
With these financings and acquisitions, Talen Energy continues to expand its portfolio of natural gas-fired power plants, reinforcing its position as a leading independent power producer in the United States.
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