Talen Energy secured all regulatory clearances to acquire three natural gas-fired power plants from Energy Capital Partners. The Federal Energy Regulatory Commission and the Indiana Utility Regulatory Commission approved the $3.45 billion transaction.
The deal includes the Lawrenceburg Power Plant in Indiana and the Waterford Energy Center and Darby Generating Station in Ohio. These assets add approximately 2.6 gigawatts of generation capacity to Talen's portfolio.
The acquisition expands the company's footprint in the western PJM Interconnection market. Talen is financing the purchase with $2.55 billion in cash. The remaining $900 million will be paid in Talen stock.
The deal is expected to close in the coming weeks. Customary closing conditions still apply.