Talen Energy (NYSE:TLN) has completed the sale of the Holtwood and Lake Wallenpaupack hydroelectric plants to a subsidiary of Brookfield Renewable Energy Partners L.P.
The total purchase price was $860m, subject to customary post-closing adjustments.
Closing of the sale completes asset divestitures within the PJM Interconnection energy market required by a December 2014 Federal Energy Regulatory Commission order approving the transactions that formed Talen Energy.
The two Pennsylvania hydroelectric plants – Holtwood in Lancaster County and Lake Wallenpaupack in the Pocono Mountain region – have a combined generating capacity of 292 MW.
Brookfield affiliates have already started filing generation interconnection applications for the hydro projects.
RBC Capital Markets served as financial advisor to Talen Energy. Simpson, Thacher & Bartlett LLP was transaction counsel.
Talen Energy is one of the largest competitive energy and power generation companies in North America.
Talen Energy was formed when the competitive power generation business of PPL (NYSE:PPL) was spun off and combined with the competitive generation business owned by private equity firm Riverstone Holdings LLC.
Brookfield Renewable Energy Partners operates one of the world’s largest publicly traded, pure-play renewable power platforms.