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Talen Energy completes sale of 2 Pa. hydro projects for $860M

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Talen Energy completes sale of 2 Pa. hydro projects for $860M

Talen EnergyCorp. on April 1 said it closed the of two hydroelectric plants inPennsylvania to a subsidiary of BrookfieldRenewable Energy Partners LP for $860 million.

The sold facilities are the Holtwood project in Lancaster County andLake Wallenpaupackplant in the Pocono Mountain region, with a combined generating capacity of 292MW. The total purchaseprice is subject to customary post-closing adjustments.

The sale completes the asset divestitures within thePJM Interconnection LLCenergy market required by a December 2014 FERC approving the transactions thatresulted in the formation of Talen Energy, which was split off from

RBC Capital Markets served as financial adviser to TalenEnergy, while Simpson Thacher & Bartlett LLP acted as transaction counsel.