Overview
- Talen signed definitive agreements to acquire the Waterford and Darby plants in Ohio and the Lawrenceburg plant in Indiana from Energy Capital Partners.
- The acquisition adds 2.6 gigawatts of natural gas capacity and expands Talen’s presence in the western PJM electricity market.
- The deal includes $2.55 billion in cash and about $900 million in Talen stock, with Energy Capital Partners set to become a significant shareholder.
- Talen projects free cash flow per share growth of more than 15% annually through 2030 and targets leverage of 3.5x or lower by the end of 2026.
- Lawrenceburg and Waterford are high-efficiency combined‑cycle units with capacity factors above 80%, Darby is a peaking unit, and all source fuel from Marcellus and Utica shale; Benzinga reports the valuation at roughly 6.6x projected 2027 adjusted EBITDA and notes shares rose about 9% on the news.