One of Talen Energy Corp.’s subsidiaries has completed the sale of C.P. Crane LLC, which owns and operates the 399 MW C.P. Crane coal-fired power plant near Baltimore, Maryland, US, to an affiliate of Avenue Capital Group.
The sale supports mitigation measures required by a December 2014 Federal Energy Regulatory Commission order approving the transactions that formed Talen Energy.
The company expects to complete the remaining asset sales to satisfy the FERC order by the end of 1Q16.
Proceeds of the sale were not material. Effects of the sale on 2016 Net Income, Adjusted EBITDA and Adjusted Free Cash Flow are not expected to be material.
Goldman Sachs served as financial advisor to Talen Energy. Kirkland & Ellis was Talen Energy's transaction counsel.
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/power/17022016/talen-energy-sells-cp-crane-power-plant-255/