Overview

• Talen signed definitive agreements to buy the Moxie Freedom Energy Center in Pennsylvania and the Guernsey Power Station in Ohio for a net $3.5 billion from Caithness Energy and BlackRock.
• The deal boosts the company’s baseload capacity by 50%, raising annual generation from about 40 terawatt-hours to roughly 60 terawatt-hours to meet surging AI data center demand.
• Financing will come through approximately $3.8 billion of secured and unsecured debt, with management targeting a leverage ratio below 3.5× by the end of 2026.
• Investors drove Talen’s shares up more than 20% to a record high after the announcement, and Jefferies analysts lifted their price target on the stock.
• The transaction is on track to close in the fourth quarter of 2025, subject to approval by the Federal Energy Regulatory Commission.