HOUSTON, Oct. 23, 2023 /PRNewswire/ -- Talen Energy Corporation ("Talen" or the "Company") (OTCQX: TLNE), an independent power producer and infrastructure company committed to the energy transition, today announced that its board of directors has approved a stock repurchase program, under which the Company is authorized to repurchase up to $300 million of its outstanding common stock through Q4 2025.
"Given our ample free cash flow and limited need for go-forward growth capex, we believe implementing a shareholder return program is an appropriate part of our overall capital allocation plan," said Mac McFarland, President and Chief Executive Officer. "This share repurchase program demonstrates our commitment to disciplined capital allocation, including prioritizing the return of capital to our shareholders."
The Company intends to fund the repurchase program with cash on hand. The shares may be repurchased from time to time in open market transactions at prevailing market prices, negotiated transactions, or other means in accordance with federal securities laws.
The timing, number, and value of shares repurchased under the program will be at management's discretion and will depend on a number of factors, including the market price of the Company's common stock, alternate uses of capital, general market and economic conditions, and applicable legal requirements. Talen has no obligation to repurchase any amount of its common stock under the program. The program may be suspended, modified or discontinued by the board at any time without prior notice.
Talen owns and operates approximately 12.4 GW of power infrastructure in the United States. We produce and sell electricity, capacity, and ancillary services into wholesale power markets in the United States primarily in PJM, ERCOT and WECC, with our generation fleet principally located in the Mid-Atlantic, Texas and Montana. While the majority of our power is already generated at zero-carbon nuclear and lower-carbon gas-fired facilities, we are reducing the carbon profile of our wholly owned coal fleet through conversion to lower-carbon fuels. In addition, we are developing a hyperscale data center campus adjacent to our Susquehanna nuclear plant that will utilize the carbon-free energy that Susquehanna generates. Talen is headquartered in Houston, Texas.
Talen trades on the OTCQX® Best Market under the ticker "TLNE." OTCQX companies meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and have a professional third-party sponsor introduction. Investors can find current financial disclosures and Real-Time Level 2 quotes for the Company on www.otcmarkets.com/stock/TLNE/overview.
For additional information and updates about Talen, please visit our Investor Relations webpage at https://talenenergy.investorroom.com, or contact:
Senior Director, Investor Relations
Forward Looking Statements
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SOURCE Talen Energy Corporation