Talen Energy completes sale of C.P. Crane Power Plant in Maryland
Talen Energy Corporation has announced that one of its subsidiaries has completed the sale of C.P. Crane LLC, which owns and operates the 399-megawatt C.P. Crane coal-fired power plant near Baltimore, Md., 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 the first quarter of 2016.
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.
The Charles P. Crane Generating Station is a coal-fired electric generating station located on the Carroll Island Road in Bowleys Quarters, Maryland, 23 km east of Baltimore. The power plant is operated by the Raven Power Holdings, LLC, a subsidiary of Riverstone Holdings LLC. The station has two coal-fired generating units, rated at 190 and 209 MWe nominal capacity, and powered by cyclone steam boilers. It also has a 16-MWe oil-fired combustion turbine. The Crane station occupies 64 ha.
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