Talen Energy Corporation was established as June 1, as one of the largest independent power producers in the United States with a diverse portfolio of generating assets located primarily in the country’s two largest competitive electricity markets.

Talen Energy was formed when the competitive power generation business of PPL Corporation was spun off and immediately combined with the competitive generation business owned by private equity firm Riverstone Holdings, LLC. Upon completion of these transactions, PPL shareholders owned 65 percent of Talen Energy’s common stock; affiliates of Riverstone owned 35 percent.

Paul A. Farr, President and Chief Executive Officer, leads an experienced Talen Energy management team that has decades of experience in power generation, commercial operations and corporate strategy.

“The combination with Riverstone was the first step in Talen Energy’s growth plans,” Farr said.

“Talen Energy, a pure-play competitive energy company, will focus on extracting value from our existing portfolio of generating assets, and identifying quality assets in attractive markets that are accretive to cash flow. Our balance sheet and expected asset sale proceeds will enable meaningful execution of our growth plans,” he said.

“We have a strong team with the knowledge and experience to generate power safely and reliably, and to create a legacy under the Talen Energy name that benefits our shareholders, employees, and customers,” he said.

At closing, Talen Energy owns about 15,000 megawatts of generating capacity, primarily located in two of the largest, most transparent and most liquid competitive power markets in the United States: PJM (Mid-Atlantic) and ERCOT (Texas). Talen Energy has agreed to divest approximately 1,300 megawatts of generating assets in a specific region of PJM under a Federal Energy Regulatory Commission order.

With carbon-free nuclear power, clean and flexibly dispatched natural gas generation, and efficient coal-fired generation, Talen Energy already has the scale and asset diversity to be one of the leading companies in the competitive energy and power generation sector.

On a pro-forma basis, the assets comprising Talen Energy generated annual revenue of $4.3 billion in 2014.

The generation mix is about 43 percent natural gas or oil, 40 percent coal, 15 percent nuclear and 2 percent hydro.

Experienced Leadership Team

Members of the leadership team average nearly 30 years of experience in energy and power generation. Farr previously served as President of PPL Energy Supply, Executive Vice President and Chief Financial Officer of PPL Corporation, Senior Vice President-Financial and Controller of PPL Corporation, and Chief Operating Officer of PPL Global.

Jeremy R. McGuire, Senior Vice President and Chief Financial Officer, has 20 years of financing and strategic advisory experience. He led the Strategic Planning function at PPL Corporation for the past seven years. Before joining PPL in 2008, he was an investment banker at Lehman Brothers, where he worked with regulated utilities, independent power producers and private equity clients.

Farr and McGuire were instrumental in the acquisition and financing of $14 billion in utility businesses that transformed PPL and provided it a more stable platform for growth, as well as divestitures of non-core PPL assets totaling about $1.4 billion.

Clarence J. Hopf Jr., Senior Vice President and Chief Commercial Officer, has more than 30 years of experience in power generation and energy marketing. Timothy S. Rausch, Senior Vice President and Chief Nuclear Officer, has 25 years of experience in virtually all disciplines of the nuclear power industry.

The Talen leadership team rings the New York Stock Exchange opening bell as part of its launch.