Kirkland Advises Talen Energy on $3.45B Acquisition of PJM Natural Gas Assets
Kirkland & Ellis advised Talen Energy Corporation (NASDAQ: TLN), a leading independent power producer, on a definitive agreement to add approximately 2.6 gigawatts of natural gas generation capacity to Talen’s portfolio through the acquisition of the Waterford Energy Center and Darby Generating Station in Ohio and the Lawrenceburg Power Plant in Indiana from Energy Capital Partners. The acquisition will substantially expand Talen’s presence in the western PJM market and add additional efficient baseload generation assets to its fleet. The purchase price is $3.45 billion, consisting of approximately $2.55 billion in cash and approximately $900 million in Talen common stock. The transaction is expected to close in mid-2026 and is subject to the satisfaction of customary closing conditions.
The Kirkland team included corporate lawyers Bill Benitez, Rob Goodin, Daniel Cadis and Drew Clements; tax lawyers Mark Dundon and Rachel Malhiet; and energy regulatory lawyers John Decker and Andrew DeVore.
