Talen Energy Corporation has entered a joint venture with Pattern Energy Group LP for expansion of its renewable energy portfolio. The new venture, PT Energy Transitions, will pursue the development, financing, construction and operation of approximately 1.4 GW of utility-scale renewable energy projects over the next five years. The joint venture is expected to invest approximately $2.0 billion of capital in renewable energy development over the next five years.
The initial project portfolio of the joint venture company will include six solar projects in Pennsylvania along with a hybrid solar and wind facility in the Western United States. The joint venture builds on the two companies’ first joint development project, the 100 MW Montour Solar One. This solar project will be built adjacent to Talen’s Montour coal-fired generating station in Washingtonville, Pennsylvania which is planned to stop using coal by the end of 2025.
Talen is a leading competitive power generation and infrastructure company in North America that owns or controls roughly 13 GW of generating capacity. Its assets are built for wholesale U.S. power markets principally in the Mid-Atlantic, Texas and Montana. It is currently developing a large-scale portfolio of renewable energy, battery storage, and digital infrastructure assets.
Pattern Energy is a large privately-owned developer and operator of wind, solar, transmission, and energy storage projects. It presently has 4.4 GW of operational renewable energy capacity from 28 assets spread across United States, Canada and Japan.