Talen, Pattern Energy Enter Joint Venture to Pursue Renewable Development

Talen Energy Corp., a power generation and infrastructure company, has entered into a joint venture with Pattern Energy Group LP, a privately owned developer and operator of wind, solar, transmission and energy storage projects.

Named PT Energy Transitions, the JV aims to pursue the development, financing, construction and operation of approximately 1.4 GW of utility-scale renewable energy projects over the next five years. The initial PT Energy Transitions project portfolio comprises six solar facilities in Pennsylvania and a hybrid solar and wind facility in the western U.S.

The JV is an expansion of Talen and Pattern Energy’s first joint development project, Montour Solar One, a 100 MW solar power plant to be built adjacent to Talen’s legacy Montour fossil generating station in Washingtonville, Pa. Montour is among the coal-fired facilities that Talen announced will cease burning coal by the end of 2025 as part of its transformation to a sustainable, ESG-focused future. The JV is expected to invest approximately $2 billion of capital into the energy transition over the next five years, beginning with the Montour Solar project, which is one of the largest renewable investments in Pennsylvania. 

“Talen is pleased to expand its long-term relationship with Pattern Energy as we continue our strategic transformation to a renewable energy and digital infrastructure growth platform,” says Alex Hernandez, president of Talen. “This JV will allow us to accelerate our clean power transformation and grow Talen’s enterprise value. PT Energy Transitions is a tangible expression of Talen’s Force for Good ESG strategy, which in addition to decarbonizing our asset base, will invest in our communities and provide opportunities for our people.”

Citi acted as exclusive financial advisor to Talen. Gibson Dunn & Crutcher LLP acted as legal counsel.

Photo: Alex Hernandez

Original Source: https://solarindustrymag.com/talen-pattern-energy-enter-joint-venture-to-pursue-renewable-development