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The joint venture will develop 1.4 gigawatts of solar and wind power projects located primarily within Talen’s asset portfolio and create an investment opportunity of $ 2.0 billion for the growth of the energy transition
Talen Energy Corporation (“Talen”) today announced that it has entered into a joint venture with Pattern Energy Group LP (“Pattern Energy”) known as “PT Energy Transitions” to continue 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 leverage the collective strengths of its partners, including Pattern Energy’s development and build capabilities, while utilizing Talen’s beneficial asset portfolio.
The initial portfolio of the PT Energy Transitions projectincludes six solar installations in Pennsylvania and a hybrid solar and wind installation 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, which will be built alongside the Montour fossil-fueled power plant in Talen, Washingtonville, Pennsylvania. Montour is one of the coal-fired power plants that Talen has announced will stop burning coal by the end of 2025 as part of the company’s transformation to a future focused on sustainability, the environment, society. and governance (ESG). The joint venture is expected to invest around $ 2.0 billion in capital in the energy transition over the next five years,
“Talen is pleased to expand its long-term relationship with Pattern Energy as we continue our strategic transformation into a platform for growth in renewable energy and digital infrastructure,” said Alex Hernandez, President of Talen. “This joint venture will allow us to accelerate our shift to clean energy and increase Talen’s enterprise value. PT Energy Transitions is a tangible expression of Talen’s ESG Force for Good 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 significant portfolio of utility-scale renewable energy projects,” said Mike Garland, CEO of Pattern Energy . “Our joint venture is accelerating our country’s energy transition by utilizing Pattern Energy’s leadership in the development of renewable energies, as well as Talen’s position in the field and existing transmission grid assets. We look forward to completing these projects in partnership with Talen and expanding the reach of our PT Energy Transitions joint venture in the years to come. “
Talen management will provide further details on the occasion of Talen’s ESG Equity Investor Day, which will be held on May 19.