Talen Energy (NYSE:TLN) said Feb. 16 that it has completed the sale of the 399-MW Crane coal-fired power plant near Baltimore, Md.
Talen said that one of its subsidiaries has completed the sale of C.P. Crane LLC to an affiliate of Avenue Capital Group. The sale was one of the divestitures called for by the Federal Energy Regulatory Commission (FERC) when Talen was formed. Talen expects to complete the remaining asset sales to satisfy FERC by the end of this quarter.
“Proceeds from the sale were not material,” Talen said in a news release. Goldman Sachs served as financial advisor to Talen and Kirkland & Ellis served as transaction counsel.
Pennsylvania-based Talen is a major competitive power producer in North America.
C.P. Crane owns a 399-MW coal- and oil-fired facility located in Baltimore County, Maryland. The facility also includes limited interconnection facilities necessary to interconnect the generating facilities with the transmission system controlled by PJM Interconnection. C.P. Crane is an exempt wholesale generator and is authorized to sell electric energy, capacity and ancillary services at market-based rates. It also receives an annual revenue requirement from PJM for reactive power.
U.S. Energy Information Administration data shows the Crane plant taking coal last year from the Bailey mine complex of CONSOL Energy and the Loveridge mine of Murray Energy, both of which are Pittsburgh-seam coal producers in Northern Appalachia. It also took coal from the Black Thunder mine of Arch Coal and the North Antelope Rochelle mine of Peabody Energy, both of which are in the Wyoming end of the Powder River Basin.