Talen

Talen Energy Announces Launch of Term Loans Repricing

Retrieved on: 
Wednesday, April 24, 2024
Sale, Disclosure, OTC, White, Talen, White & Case, Talen Energy

HOUSTON, April 24, 2024 /PRNewswire/ -- Talen Energy Corporation ("Talen") (OTCQX: TLNE) today announced the launch of an anticipated repricing (the "Repricing") of its existing $863 million Term Loan B credit facility and its $470 million Term Loan C credit facility (collectively, the "Term Loans").

Key Points: 
  • HOUSTON, April 24, 2024 /PRNewswire/ -- Talen Energy Corporation ("Talen") (OTCQX: TLNE) today announced the launch of an anticipated repricing (the "Repricing") of its existing $863 million Term Loan B credit facility and its $470 million Term Loan C credit facility (collectively, the "Term Loans").
  • The Repricing is intended to reduce the interest rate on the Term Loans, and in connection therewith Talen will seek certain waivers and amendments to the terms of its credit facilities.
  • Talen will host a lender call related to the Repricing on April 24, 2024, and has provided certain additional disclosure on its OTC webpage available here .
  • There can be no assurance that the Repricing will occur, or, if it does, as to the terms of the Repricing.

CPS Energy Acquires Gas Plants in Corpus Christi and Laredo From Talen Energy as Part of Approved Generation Plan

Retrieved on: 
Wednesday, March 27, 2024
Talen, Solar energy, CPS, Growth, Trustee, Talen Energy, SAN, City, CPS Energy, LLP, Acquisition, Wind, Carbon, Climate change mitigation, Plant, Investment, ERCOT, Retirement, Kirkland & Ellis, RBC Capital Markets, Renewable energy

SAN ANTONIO, March 27, 2024 /PRNewswire/ -- Today, CPS Energy and Talen Energy Corporation ("Talen") (OTCQX: TLNE) announced an agreement for CPS Energy to acquire Talen's approximately 1,710-megawatt ("MW") generation portfolio located in the South Zone of the Electric Reliability Council of Texas ("ERCOT") market for $785 million subject to customary net working capital adjustments at closing. These assets include natural gas plants in Corpus Christi and Laredo. The transaction is expected to close in the second quarter of 2024.  

Key Points: 
  • These assets include natural gas plants in Corpus Christi and Laredo.
  • This action supports CPS Energy's generation plan, approved in 2023 by its Board of Trustees.
  • CPS Energy's Vision 2027 plan includes its generation plan that contemplates the retirement of 2,249 MW of older and inefficient dispatchable generation capacity before 2030.
  • CPS Energy has added 730 MW of solar energy and 50 MW of energy storage to date as part of its generation plan, with an additional 500 MW energy storage RFP in the works.

CPS ENERGY ACQUIRES GAS PLANTS IN CORPUS CHRISTI AND LAREDO FROM TALEN ENERGY AS PART OF APPROVED GENERATION PLAN

Retrieved on: 
Wednesday, March 27, 2024
Talen, Solar energy, CPS, Growth, Trustee, Talen Energy, SAN, City, CPS Energy, LLP, Acquisition, Wind, Carbon, Climate change mitigation, Plant, Investment, ERCOT, Retirement, Kirkland & Ellis, RBC Capital Markets, Renewable energy

SAN ANTONIO, March 27, 2024 /PRNewswire/ -- Today, CPS Energy and Talen Energy Corporation ("Talen") (OTCQX: TLNE) announced an agreement for CPS Energy to acquire Talen's approximately 1,710-megawatt ("MW") generation portfolio located in the South Zone of the Electric Reliability Council of Texas ("ERCOT") market for $785 million subject to customary net working capital adjustments at closing. These assets include natural gas plants in Corpus Christi and Laredo. The transaction is expected to close in the second quarter of 2024.  

Key Points: 
  • These assets include natural gas plants in Corpus Christi and Laredo.
  • This action supports CPS Energy's generation plan, approved in 2023 by its Board of Trustees.
  • CPS Energy's Vision 2027 plan includes its generation plan that contemplates the retirement of 2,249 MW of older and inefficient dispatchable generation capacity before 2030.
  • CPS Energy has added 730 MW of solar energy and 50 MW of energy storage to date as part of its generation plan, with an additional 500 MW energy storage RFP in the works.

TeraWulf Reaffirms Business as Usual at the Nautilus Facility Amid Talen’s Sale of Data Center Campus

Retrieved on: 
Monday, March 4, 2024
Bitcoin, Nautilus, Upstate, Talen, Amazon Web Services, Sale, Prager, Exercise

EASTON, Md., March 04, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated, domestic bitcoin mining facilities powered by more than 95% zero-carbon energy, today issued the following statement regarding Talen’s sale of the Cumulus data center campus and disclosed the exercise of its option to increase its energy resources by an additional 50 MW at the Nautilus facility, bringing TeraWulf’s bitcoin mining capacity at the Pennsylvania site to 100 MW.

Key Points: 
  • “I extend congratulations to our valued partner, Talen, on the sale of the Cumulus data center campus to Amazon Web Services,” said Paul Prager, Chief Executive Officer of TeraWulf.
  • The Nautilus facility represents the first behind-the-meter Bitcoin mining facility of its kind, directly sourcing reliable, carbon-free, 24x7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania.
  • TeraWulf’s additional 50 MW of capacity at the Nautilus facility is expected to come online in 2025 and could accommodate up to 2.5 EH/s of operational mining capacity.
  • Nazar Khan, Chief Operating Officer of TeraWulf, stated, “We’re excited to announce our plans to double TeraWulf’s bitcoin mining capacity at the Nautilus facility in the next year.

Talen Energy Announces Sale of Zero-Carbon Data Center Campus

Retrieved on: 
Monday, March 4, 2024
Finance, EST, Talen, Sale, Talen Energy, Webcast, Cumulus cloud

HOUSTON, March 4, 2024 /PRNewswire/ -- Talen Energy Corporation ("Talen") (OTCQX: TLNE) today issued the following statement regarding the sale of its 960-megawatt Cumulus data center campus in northeast Pennsylvania to a major cloud service provider.

Key Points: 
  • HOUSTON, March 4, 2024 /PRNewswire/ -- Talen Energy Corporation ("Talen") (OTCQX: TLNE) today issued the following statement regarding the sale of its 960-megawatt Cumulus data center campus in northeast Pennsylvania to a major cloud service provider.
  • "We are pleased today to have sold our Cumulus data center campus, unlocking significant value for Talen," said Talen President and Chief Executive Officer Mac McFarland.
  • Details regarding the transaction can be found on the Financials and Presentations page of Talen's Investor Relations website, linked here .
  • Talen will host an investor call at 9:00 a.m. EST today, Monday, March 4, 2024.

PPL Corporation announces agreement with Talen Energy to resolve litigation related to Talen Montana

Retrieved on: 
Friday, December 22, 2023
Talen Energy, Bankruptcy, PPL, Sorgi, Talen, Sale, PPL Corporation

ALLENTOWN, Pa., Dec. 22, 2023 /PRNewswire/ -- PPL Corporation (NYSE: PPL) today announced that it has entered into a settlement agreement with Talen Energy Corporation and certain affiliates ("Talen") to resolve all claims made by Talen arising out of the June 2015 spinoff of PPL Energy Supply, which was renamed Talen.

Key Points: 
  • ALLENTOWN, Pa., Dec. 22, 2023 /PRNewswire/ -- PPL Corporation (NYSE: PPL) today announced that it has entered into a settlement agreement with Talen Energy Corporation and certain affiliates ("Talen") to resolve all claims made by Talen arising out of the June 2015 spinoff of PPL Energy Supply, which was renamed Talen.
  • Under the terms of the agreement, PPL will pay Talen $115 million, resolving all claims between the parties.
  • PPL Montana is now Talen Montana.
  • "Since this litigation was initiated by Talen, we have maintained our position that PPL acted appropriately with regard to the sale of the Montana hydro assets and that the separation agreement governing the spinoff of PPL Energy Supply entitled PPL to retain the proceeds from the transaction," said PPL President and Chief Executive Officer Vincent Sorgi.

Talen Energy Announces Settlement Agreement with PPL Related to Past Legal Claims

Retrieved on: 
Friday, December 22, 2023
Talen Energy, PPL, Public expenditure, Talen, Sale, PPL Corporation, Communication

HOUSTON, Dec. 22, 2023 /PRNewswire/ -- Talen Energy Corporation ("Talen" or the "Company") (OTCQX: TLNE) today reported that the Company and certain subsidiaries have reached a settlement of litigation with PPL Corporation ("PPL") related to a distribution of proceeds from the 2014 sale of hydroelectric facilities in Montana.

Key Points: 
  • HOUSTON, Dec. 22, 2023 /PRNewswire/ -- Talen Energy Corporation ("Talen" or the "Company") (OTCQX: TLNE) today reported that the Company and certain subsidiaries have reached a settlement of litigation with PPL Corporation ("PPL") related to a distribution of proceeds from the 2014 sale of hydroelectric facilities in Montana.
  • Under the terms of the settlement agreement, which has been approved by each company's Board of Directors, PPL will pay Talen Montana $115 million in cash on or before December 31, 2023, in exchange for a full release of all claims.
  • The remaining proceeds will be used by Talen Montana to secure environmental and other obligations, and for general corporate purposes.
  • Importantly, as part of the agreement, Talen and PPL have agreed to reset our relationship.

Talen Energy Reports Third Quarter Results, Narrows 2023 Guidance and Establishes 2024 Guidance

Retrieved on: 
Tuesday, November 14, 2023
Webcast, O&M, Share repurchase, PJM, ERCOT, G&A, Hand, EST, CST, Talen

The range for 2024 Adjusted EBITDA is $600 to $800 million, and the range for Adjusted Free Cash Flow is $150 to $300 million.

Key Points: 
  • The range for 2024 Adjusted EBITDA is $600 to $800 million, and the range for Adjusted Free Cash Flow is $150 to $300 million.
  • A substantial portion of these actions will be executed in the fourth quarter of 2023.
  • Using the guidance ranges above, Talen's estimated 2023 and 2024 net leverage ratios are both less than 3.5x.
  • As of September 30, 2023, Talen had hedged approximately 71% of its expected generation volumes in the fourth quarter of 2023 and approximately 63% in 2024.

TALEN ENERGY CORPORATION ANNOUNCES $300 MILLION STOCK REPURCHASE PROGRAM

Retrieved on: 
Monday, October 23, 2023
Hand, Talen Energy, Share repurchase, Talen, Bank

HOUSTON, Oct. 23, 2023 /PRNewswire/ -- Talen Energy Corporation ("Talen" or the "Company") (OTCQX: TLNE), an independent power producer and infrastructure company committed to the energy transition, today announced that its board of directors has approved a stock repurchase program, under which the Company is authorized to repurchase up to $300 million of its outstanding common stock through Q4 2025.

Key Points: 
  • HOUSTON, Oct. 23, 2023 /PRNewswire/ -- Talen Energy Corporation ("Talen" or the "Company") (OTCQX: TLNE), an independent power producer and infrastructure company committed to the energy transition, today announced that its board of directors has approved a stock repurchase program, under which the Company is authorized to repurchase up to $300 million of its outstanding common stock through Q4 2025.
  • "This share repurchase program demonstrates our commitment to disciplined capital allocation, including prioritizing the return of capital to our shareholders."
  • The Company intends to fund the repurchase program with cash on hand.
  • Talen has no obligation to repurchase any amount of its common stock under the program.

Talen Energy Reports Second Quarter Results, Highlights Strong First Half 2023 Financial and Operational Performance, and Establishes 2023 Guidance

Retrieved on: 
Monday, August 14, 2023
Uranium, EDT, Midstream, Bank of America, Webcast, Riverstone, Digital, CDT, Bank, PPA, Conference, Security (finance), Talen

The range for 2023 Adjusted EBITDA is $1,070 million to $1,245 million and the range for Adjusted Free Cash Flow is $550 million to $595 million.

Key Points: 
  • The range for 2023 Adjusted EBITDA is $1,070 million to $1,245 million and the range for Adjusted Free Cash Flow is $550 million to $595 million.
  • Talen is focused on maintaining a strong balance sheet: targeting a net leverage ratio of less than 3.5x net debt-to-EBITDA, along with maintaining ample liquidity.
  • On August 9, 2023, Talen successfully refinanced its non-recourse LMBE-MC subsidiary debt through upsizing its New TLB, 2030 by $290 million.
  • As of June 30, 2023, Talen had hedged approximately 64% of its expected generation volumes for the second half of 2023 and approximately 76% in 2024.