Joint Venture will develop 1.4 Gigawatts of solar and wind energy projects principally located on Talen's asset footprint and create a $2.0 billion energy transition growth investment opportunity
THE WOODLANDS, Texas, April 13, 2021 /PRNewswire/ -- Talen Energy Corporation ("Talen") announced today that it has entered into a joint venture with Pattern Energy Group LP ("Pattern Energy") named "PT Energy Transitions" to pursue the development, financing, construction and operation of approximately 1.4 Gigawatts of utility scale renewable energy projects over the next five years. PT Energy Transitions will benefit from the collective strengths of its partners, including Pattern Energy's development and construction capabilities, while utilizing Talen's advantaged asset footprint.
The initial PT Energy Transitions project portfolio is comprised of six solar facilities in Pennsylvania and a hybrid solar and wind facility in the Western United States. The joint venture is an expansion of Talen and Pattern Energy's first joint development project, Montour Solar One, a 100 Megawatt solar power plant to be built adjacent to Talen's legacy Montour fossil generating station in Washingtonville, Pennsylvania. Montour is among the coal-fired facilities that Talen announced will cease burning coal by the end of 2025 as part of its transformation to a sustainable, ESG-focused future. The joint venture is expected to invest approximately $2.0 billion of capital into the energy transition over the next five years, beginning with the Montour Solar project, which is one of the largest renewable investments in Pennsylvania.
"Talen is pleased to expand its long-term relationship with Pattern Energy as we continue our strategic transformation to a renewable energy and digital infrastructure growth platform," said Alex Hernandez, Talen's President. "This joint venture will allow us to accelerate our clean power transformation and grow Talen's enterprise value. PT Energy Transitions is a tangible expression of Talen's Force for Good ESG strategy, which in addition to decarbonizing our asset base, will invest in our communities and provide opportunities for our people."
"Partnering with Talen is a natural fit for Pattern Energy as we combine the respective strengths of our teams to develop a sizeable portfolio of utility scale renewable energy projects," said Mike Garland, President and CEO of Pattern Energy. "Our joint venture accelerates our country's energy transition by utilizing Pattern Energy's leadership in renewable energy development together with Talen's land position and legacy transmission interconnection assets. We look forward to executing on these projects in partnership with Talen and to growing the scope of our PT Energy Transitions joint venture in the years ahead."
Talen management will provide additional details at Talen's ESG Equity Investor Day on May 19th. Institutional investors may register to participate in the event via the following registration link: https://talenenergy.investorroom.com/2021-esg-equity-investor-day . Information on Talen's website is not part of this press release.
Citi acted as exclusive financial advisor to Talen. Gibson Dunn & Crutcher, LLP acted as legal counsel.
About Talen Energy Corporation
Talen is one of the largest competitive power generation and infrastructure companies in North America. The company owns and/or controls approximately 13,000 megawatts of generating capacity in wholesale U.S. power markets, principally in the Mid-Atlantic, Texas and Montana. Talen is developing a large-scale portfolio of renewable energy, battery storage, and digital infrastructure assets across its expansive footprint. For more information, visit https://www.talenenergy.com/esg-focused-future/
About Pattern Energy
Pattern Energy is one of the world's largest privately-owned developers and operators of wind, solar, transmission, and energy storage projects. Its operational portfolio includes 28 renewable energy facilities that use proven, best-in-class technology with an operating capacity of 4.4 GW in the United States, Canada and Japan. Pattern Energy is guided by a long-term commitment to serve customers, protect the environment, and strengthen communities. For more information, visit www.patternenergy.com.
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Cautionary Statement Regarding Forward-Looking Information
This press release includes "forward-looking statements." All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Talen expects, believes or anticipates will or may occur in the future, as well as aspirational goals, are forward-looking statements. These statements are based on certain assumptions made by Talen based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Talen undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the issuance of this press release, except as required by law. This press release and the materials referred to herein are not an offer to sell or purchase, or a solicitation of an offer to sell or purchase, any securities.
SOURCE Talen Energy Corp.