PR88981

THE WOODLANDS, Texas, April 13, 2021 /PRNewswire=KYODO JBN/ --

  -- Joint Venture will develop 1.4 Gigawatts of solar and wind energy projects

     principally located on Talen's asset footprint and create a $2.0 billion

     energy transition growth investment opportunity

Talen Energy Corporation ("Talen") announced today that it has entered into a

joint venture with Pattern Energy Group LP ("Pattern Energy") named "PT Energy

Transitions" to pursue the development, financing, construction and operation

of approximately 1.4 Gigawatts of utility scale renewable energy projects over

the next five years. PT Energy Transitions will benefit from the collective

strengths of its partners, including Pattern Energy's development and

construction capabilities, while utilizing Talen's advantaged asset

footprint.  

The initial PT Energy Transitions project portfolio is comprised of six solar

facilities in Pennsylvania and a hybrid solar and wind facility in the Western

United States. The joint venture is an expansion of Talen and Pattern Energy's

first joint development project, Montour Solar One, a 100 Megawatt solar power

plant to be built adjacent to Talen's legacy Montour fossil generating station

in Washingtonville, Pennsylvania.  Montour is among the coal-fired facilities

that Talen announced will cease burning coal by the end of 2025 as part of its

transformation to a sustainable, ESG-focused future. The joint venture is

expected to invest approximately $2.0 billion of capital into the energy

transition over the next five years, beginning with the Montour Solar project,

which is one of the largest renewable investments in Pennsylvania.  

"Talen is pleased to expand its long-term relationship with Pattern Energy as

we continue our strategic transformation to a renewable energy and digital

infrastructure growth platform," said Alex Hernandez, Talen's President. "This

joint venture will allow us to accelerate our clean power transformation and

grow Talen's enterprise value. PT Energy Transitions is a tangible expression

of Talen's Force for Good ESG strategy, which in addition to decarbonizing our

asset base, will invest in our communities and provide opportunities for our

people."

"Partnering with Talen is a natural fit for Pattern Energy as we combine the

respective strengths of our teams to develop a sizeable portfolio of utility

scale renewable energy projects," said Mike Garland, President and CEO of

Pattern Energy. "Our joint venture accelerates our country's energy transition

by utilizing Pattern Energy's leadership in renewable energy development

together with Talen's land position and legacy transmission interconnection

assets. We look forward to executing on these projects in partnership with

Talen and to growing the scope of our PT Energy Transitions joint venture in

the years ahead."

Talen management will provide additional details at Talen's ESG Equity Investor

Day on May 19th.  Institutional investors may register to participate in the

event via the following registration link:  

https://talenenergy.investorroom.com/2021-esg-equity-investor-day .  

Information on Talen's website is not part of this press release.

Citi acted as exclusive financial advisor to Talen. Gibson Dunn & Crutcher, LLP

acted as legal counsel.

About Talen Energy Corporation

Talen is one of the largest competitive power generation and infrastructure

companies in North America. The company owns and/or controls approximately

13,000 megawatts of generating capacity in wholesale U.S. power markets,

principally in the Mid-Atlantic, Texas and Montana. Talen is developing a

large-scale portfolio of renewable energy, battery storage, and digital

infrastructure assets across its expansive footprint.  For more information,

visit https://www.talenenergy.com/esg-focused-future/

About Pattern Energy

Pattern Energy is one of the world's largest privately-owned developers and

operators of wind, solar, transmission, and energy storage projects. Its

operational portfolio includes 28 renewable energy facilities that use proven,

best-in-class technology with an operating capacity of 4.4 GW in the United

States, Canada and Japan. Pattern Energy is guided by a long-term commitment to

serve customers, protect the environment, and strengthen communities. For more

information, visit www.patternenergy.com.

Talen Investor Contact

Olivia Sigo

Director, Finance, Investor Relations & ESG

+1 281-203-5387

Olivia.Sigo@talenenergy.com

Talen Media Contact

Taryne Williams

Media & Community Relations Manager

+1 610-601-0327

Taryne.Williams@talenenergy.com

Cautionary Statement Regarding Forward-Looking Information

This press release includes "forward-looking statements." All statements, other

than statements of historical fact, included in this press release that address

activities, events or developments that Talen expects, believes or anticipates

will or may occur in the future, as well as aspirational goals, are

forward-looking statements. These statements are based on certain assumptions

made by Talen based on its experience and perception of historical trends,

current conditions, expected future developments and other factors it believes

are appropriate. You are cautioned not to place undue reliance on these

forward-looking statements, which speak only as of the date of this press

release. All forward-looking statements are qualified in their entirety by this

cautionary statement. Talen undertakes no obligation and does not intend to

update these forward-looking statements to reflect events or circumstances

occurring after the issuance of this press release, except as required by law.

This press release and the materials referred to herein are not an offer to

sell or purchase, or a solicitation of an offer to sell or purchase, any

securities.

SOURCE: Talen Energy Corp.