Riverstone, PPL launch new power company

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powerRiverstone has agreed to merge PPL Corp‘s competitive energy unit with its power generation portfolio.

The combined group, Talen Energy, will to own and operate more than 15,000 megawatts of diverse generating capacity in the US.

PPL Corp will own 65 per cent of Talen Energy and Riverstone will hold a 35 per cent stake.

Riverstone partner Michael Hoffman said, “The blending of our two complementary businesses will create, on day one, one of the largest independent power producers in the US with more than 15,000 megawatts of diversified generating capacity in the most attractive US markets, strong free cash flow, and a conservatively capitalized balance sheet.

“With an outstanding management team led by Paul Farr, we believe Talen Energy will be one of the most successful IPPs in North America.”

Riverstone is currently raising its sixth power fund, which is targeting $7.5bn.

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