US energy group has agreed to sell three power plants in Pennsylvania (United States) with a total combined generating capacity of 996 MW for US$1.51bn in gross cash proceeds, subject to customary purchase price adjustments. The divestment is part of a requirement to divest certain assets in specific regions of the PJM Interconnection, which include portions of eastern Pennsylvania, New Jersey and Maryland, to comply with a December 2014 Federal Energy Regulatory Commission order approving the transactions that formed Talen Energy.
Talen Energy will sell its 704 MW Ironwood gas-fired CCGT power plant in Lebanon to Canadian energy group TransCanada for US$654m. The Ironwood CCGT power plant was commissioned in 2001 and delivers energy into the PJM power market. TransCanada already operates more than 4.5 GW of power capacity in the north-east of the United States.
In addition, Talen Energy will sell the Holtwood and Lake Wallenpaupack hydroelectric projects, with a combined generating capacity of 292 MW, to Brookfield Renewable Energy Partners for US$860m, subject to customary purchase price adjustments.
The transactions are expected to close early in the first quarter of 2016, subject to certain conditions being satisfied in the coming months.
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