HOUSTON, September 5, 2023 – Talen Energy Corporation ("Talen" or the “Company”) (OTCQX: TLNE), an independent power producer and infrastructure company committed to the energy transition, today announced that it has successfully completed the previously-announced transaction to acquire Riverstone Holdings’ (“Riverstone”) 14% noncontrolling interest in Talen subsidiary Cumulus Digital Holdings (“Cumulus Digital”), which is developing a hyperscale data center campus adjacent to the Company’s Susquehanna nuclear plant. The transaction also included the retirement of Riverstone’s warrant rights to purchase approximately 3.1 million shares of Talen common stock, and the termination of its economic rights in certain intercompany power purchase agreements. Total transaction consideration was $60 million.
The transaction increases Talen’s ownership in Cumulus Digital to 95% and gives the Company sole control of the Cumulus Digital Board of Managers.
Talen owns and operates approximately 12.4 GW of high-quality 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
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