Talen Energy announced the sale of its C.P. Crane plant in Baltimore to Avenue Capital Group Friday. Though the price has not been disclosed, the company expects the transaction to close within the first quarter of next year.
Lancaster Online reports the 399-megawatt coal-fired facility will be the fourth power plant Talen has sold to comply with the Federal Energy Regulatory Commission orders. Per FERC requirements, the company must divest assets within the PJM Interconnection, a 13-state power grid.
Talen’s Holtwood hydroelectric plant, Lake Wallenpaupack hydroelectric plant and Ironwood natural gas-fired plant also fell victim to FERC-ordered divestments. The power plant sales totaled up to $1.51 billion. As of the sale to Avenue Capital Group, Talen has sold nearly 1,400 megawatts in assets.
The C.P. Crane sale wasn’t the only heavy blow dealt to the company. An anonymous source told Bloomberg harsh market conditions forced the company to pull a $400 million acquisition loan. Talen originally intended to the loan towards purchasing Mach Gen LLC for $1.2 billion.