THE WOODLANDS, Texas, May 3, 2021 /PRNewswire/ -- Talen Energy Corporation ("Talen" or "the company") announced today that as part of its strategic transformation to a renewable energy and digital infrastructure growth platform, the company is developing one gigawatt of stand-alone battery storage projects across its U.S. footprint.
The battery projects, which range from 20 to approximately 300 megawatts across three states, are expected to be developed over the next three to five years utilizing Talen-owned land and legacy fossil generation and transmission infrastructure. In addition to generating value, and advancing Talen's transformation, these projects serve as another tangible expression of Talen's Force for Good ESG strategy which, in addition to decarbonizing its asset base, will invest in its communities and provide new opportunities for its people.
"Talen's battery storage development projects will play a key role in advancing our country's clean energy transition. The batteries of the 1960s, also known as fossil power plants, will ultimately be converted to the batteries of tomorrow, which we believe will include battery packs utilizing various technologies. These battery projects, together with Talen's existing zero carbon nuclear baseload generation, are intended to serve as a backstop for renewables' intermittency, ensuring that power is available when needed," said President Alex Hernandez. "We believe our Giga-scale battery development pipeline will become increasingly valuable as battery technology improves and manufacturing costs decline with scale deployments."
Talen's battery storage projects will leverage the company's advantaged asset footprint and legacy transmission interconnection assets, including those within densely populated areas with high power demand. The battery storage installations will support grid resiliency as Talen's wholly-owned coal-fired facilities transition to run on lower carbon fuels, including natural gas and co-located renewables.
Talen's first two planned battery storage development projects are 20-megawatt demonstration projects adjacent to its H.A. Wagner (Baltimore, Md.) and Camden, N.J. generation facilities. The H.A. Wagner generation facility 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 Camden battery project is expected to serve as an added capacity resource adjacent to this natural gas generation facility. The company expects to begin construction on these demonstration projects in Q4 2021.
"Our H.A. Wagner battery storage demonstration project will serve as a strong example of how batteries of the future are a key component to the clean energy transition and will contribute to grid stability and resiliency as traditional baseload generation units within this critical BGE market transition," commented Cole Muller, head of Talen's PJM generation business and decarbonization initiatives. "We also believe it will provide a model that can be replicated throughout our national footprint as we convert legacy fossil plants and shift to the batteries of tomorrow."
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.
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/
Talen Investor Contact
Olivia Sigo
Director, Finance, Investor Relations & ESG
281-203-5387
Olivia.Sigo@talenenergy.com
Talen Media Contact
Taryne Williams
Media & Community Relations Manager
610-601-0327
Taryne.Williams@talenenergy.com
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.
