Kirkland Counsels Talen Energy on Sale of Ironwood Plant for $654M

Kirkland & Ellis LLP advised Talen Energy on the sale of the 704-megawatt Ironwood plant, a combined cycle, natural gas-fired plant, to a subsidiary of TransCanada Corp. (TSX, NYSE: TRP) (TransCanada) for $654 million, subject to customary purchase price adjustments. This is part of a larger deal to sell three Pennsylvania power plants with a total combined generating capacity of 996 megawatts for $1.51 billion in gross cash proceeds, subject to customary purchase price adjustments. The complete release is available here.

The Kirkland team was led by corporate partners Andy Calder and Amber Meek; capital markets partner Matt Pacey; debt finance partners Melissa Hutson and Mary Kogut; and corporate associate Erin McGuire.