An affiliate of Avenue Capital Group bought C.P. Crane LLC, which owns and operates a coal-fired power plant near Baltimore, from Talen Energy Corporation. Financial terms of the transaction were not disclosed. Goldman Sachs served as financial advisor to Talen and Kirkland & Ellis was Talen’s transaction counsel.
ALLENTOWN, Pa., Feb. 16, 2016 /PRNewswire/ — Talen Energy Corporation (NYSE: TLN) announced that one of its subsidiaries has completed the sale of C.P. Crane LLC, which owns and operates the 399-megawatt C.P. Crane coal-fired power plant near Baltimore, Md., to an affiliate of Avenue Capital Group.
The sale supports mitigation measures required by a December 2014 Federal Energy Regulatory Commission order approving the transactions that formed Talen Energy. The company expects to complete the remaining asset sales to satisfy the FERC order by the end of the first quarter of 2016.
Proceeds of the sale were not material. Effects of the sale on 2016 Net Income, Adjusted EBITDA and Adjusted Free Cash Flow are not expected to be material.
Goldman Sachs served as financial advisor to Talen Energy. Kirkland & Ellis was Talen Energy’s transaction counsel.
Talen Energy is one of the largest competitive energy and power generation companies in North America. Our diverse generating fleet operates in well-developed, structured wholesale power markets. To learn more about us, visit www.talenenergy.com.
All statements contained herein other than statements of historical fact are “forward-looking” statements for purposes of the U.S. federal and state securities laws. Although Talen Energy believes that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct. Forward-looking statements are subject to many risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: adverse economic conditions; changes in commodity prices and related costs; operational, price and credit risks in the wholesale and retail electricity markets; operating performance and the length of scheduled and unscheduled outages at our generating plants; volatility in the availability and/or price of electric transmission and/or fuel transmission and delivery services; competition in the power generation market; federal and state legislation and regulation, including laws and regulations concerning the environment; the impact of climate change; and weather conditions affecting customer energy usage and/or the availability of fuel for our generating plants. Any forward-looking statements should be considered in light of such important factors and in conjunction with Talen Energy’s filings with the Securities and Exchange Commission that are available at www.sec.gov.