Talen Energy Corp. said Tuesday that one of its subsidiaries has completed the sale of a coal-fired power plant in Middle River.
Allentown, Pa.-based Talen announced it is selling the 399-megawatt C.P. Crane plant to an affiliate of Avenue Capital Group as part of a divestiture plan to secure Federal Energy Regulatory Commission approval of its mid-2015 spinoff from PPL Corp. The regulator was concerned Talen would dominate certain limited regional energy markets.
Neither side disclosed the sale price, Talen spokesman George Lewis said, and the company is not required to report it to investors.
Talen also plans to sell two Pennsylvania hydroelectric plants as part of the agreement, with those deals expected to be finalized by the end of the first quarter. The sale of the hydro plants in Holtwood, Lancaster County, and Lake Wallenpaupack, Wayne County, is expected to fully satisfy FERC's divestiture requirements for Talen, Lewis said.
Talen became a stand-alone company June 1, taking over the power supply and energy marketing businesses of PPL Supply and select assets of Riverstone Holdings.