Talen Energy Completes Freedom and Guernsey Acquisitions

Expands and Enhances Portfolio with 2.9 Gigawatts of Highly Efficient Natural Gas-Fired PJM Assets

HOUSTON, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Talen Energy Corporation (“Talen,” “the Company,” “we,” or “our”) (NASDAQ: TLN), a leading independent power producer, today announced that it has completed the acquisitions (the “Acquisitions”) of the Freedom Generating Station in Pennsylvania and the Guernsey Power Station in Ohio from Caithness Energy and Caithness Energy and BlackRock, respectively.

“The Freedom and Guernsey plants are best-in-class natural gas assets in key locations within PJM,” said Talen President and Chief Executive Officer Mac McFarland. “They add nearly 2.9 gigawatts of modern, highly efficient baseload generation to Talen’s fleet and enhance our ability to provide reliable, low-carbon capacity to hyperscale data centers and large commercial off-takers. The Acquisitions are immediately and highly accretive, maintain our balance sheet discipline, and represent a great example of our ‘Talen flywheel’ strategy.”

Talen successfully executed several financing transactions at attractive rates to fully fund the acquisitions, including $2.7 billion of senior unsecured notes and a $1.2 billion senior secured term loan B credit facility. The Company also received commitments from its bank group to increase its existing revolving credit facility to $900 million and its existing letter of credit facility to $1.1 billion. These actions further support the impact of the acquisitions on the financial operations of the business.

“Our team is prepared to successfully integrate both assets into our portfolio, and we thank Caithness Energy and the plants’ operator, Ethos Energy, for their cooperation and support over the past few months,” said Talen Chief Fossil Officer Dale Lebsack. “We expect the Freedom and Guernsey teams to continue their impressive track record of safe, compliant, and efficient operations as part of the Talen fleet. On behalf of the entire Talen team, we welcome them and look forward to Powering the Future together.”

About Talen

Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 13.2 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet located in the Mid-Atlantic, Ohio and Montana. Our team is committed to generating power safely and reliably, delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to serve this growing industry, as artificial intelligence data centers increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.