HOUSTON, July 17, 2025 (GLOBE NEWSWIRE) -- Talen Energy Corporation ("Talen," "we," or "our") (NASDAQ:TLN), a leading independent power producer, announced it has signed definitive agreements to acquire Caithness Energy's Moxie Freedom Energy Center ("Moxie") in Pennsylvania and Caithness Energy and BlackRock's Guernsey Power Station ("Guernsey") in Ohio, both combined-cycle gas-fired plants located within the PJM power market.

The net acquisition price is $3.5 billion after adjusting for estimated tax benefits, or approximately $3.8 billion gross. The net purchase price reflects an attractive acquisition multiple of 6.7x 2026 EV/EBITDA for two of the most efficient natural gas plants in PJM, at a material discount to current new-build CCGT costs. The transaction is expected to be immediately accretive to free cash flow per share by over 40% in 2026, and over 50% through 2029.

"This acquisition enhances Talen's fleet by selectively adding modern, highly efficient baseload H-class CCGTs in Talen's key markets, where we are an innovator in data center contracting," said Mac McFarland, Talen President and Chief Executive Officer. "The transaction is immediately and highly accretive, maintains our balance sheet discipline, and adds more than the equivalent of another Susquehanna nuclear plant to our platform, further enabling large load service."

"Caithness has built an extensive portfolio of leading-edge power generation facilities to support our valued customers," said James D. Bishop, Jr., Chairman and CEO of Caithness Energy. "We are proud of what we have accomplished and this sale to Talen positions the assets for continued success under a strong and successful management team."