Talen Energy Corp., a power generation and infrastructure company, has entered into a joint venture (JV) 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. PT Energy Transitions will benefit from the collective strengths of its partners, including Pattern Energy’s development and construction capabilities while utilizing Talen’s advantaged asset footprint, note the companies.
The initial PT Energy Transitions project portfolio is comprised of 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.
“Partnering with Talen is a natural fit for Pattern Energy as we combine the respective strengths of our teams to develop a sizeable portfolio of utility-scale renewable energy projects,” says Mike Garland, president and CEO of Pattern Energy. “Our JV accelerates our country’s energy transition by utilizing Pattern Energy’s experience in renewable energy development together with Talen’s land position and legacy transmission interconnection assets. We look forward to executing on these projects in partnership with Talen and to growing the scope of our PT Energy Transitions JV in the years ahead.”
Citi acted as exclusive financial advisor to Talen. Gibson Dunn & Crutcher LLP acted as legal counsel.
Photo: Mike Garland
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