Talen Energy Corp. (Uplisting)

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General Information
Business:

Note: This is NOT an IPO. This is an uplisting to the NASDAQ from the OTCQX U.S. Market. From the Prospectus: This prospectus relates to the registration of up to 36,825,683 shares of our common stock, par value $0.001 per share (our “common stock”), which may be offered for resale from time to time by the stockholders named under the heading “Principal and Selling Stockholders” (the “Selling Stockholders”).  We will not receive any proceeds from the resale of shares of common stock by the Selling Stockholders, but we have agreed to pay certain registration expenses.

Note: Our common stock is quoted on the OTCQX Best Market (OTCQX U.S. Market) under the symbol “TLNE.” On July 8, 2024, the closing price of our common stock as reported on the OTCQX U.S. Market was $118.99 per share.

Note: We have been approved to list our common stock on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “TLN.” Our common stock will begin trading on Nasdaq on or about July 10, 2024.

We are an independent power producer (“IPP”) and infrastructure company committed to the energy transition. (Incorporated in Delaware)

Talen owns and operates power infrastructure in the United States. We produce and sell electricity, capacity and ancillary services into wholesale power markets in the United States, primarily in PJM and WECC, with our generation fleet principally located in the Mid-Atlantic and Montana. We recently completed the sale of our ERCOT fleet (the “ERCOT Sale”). See “—Recent Developments—ERCOT Sale” for additional information.
The majority of our generation is produced at zero-carbon nuclear and lower-carbon gas-fired facilities and we are continuing our decarbonization efforts. In addition, as part of our Cumulus digital infrastructure and energy transition platform, we developed, and recently sold (the “Cumulus Data Campus Sale”) to an affiliate of Amazon Web Services, Inc. (together with its affiliates, “AWS”), the infrastructure for a hyperscale data center campus (the “Cumulus Data Campus”) adjacent to our zero-carbon Susquehanna nuclear facility (“Susquehanna”) that will utilize carbon-free, low-cost energy provided directly from the plant, providing both an attractive source of demand for the plant and a new source of incremental revenues for us. See “—Recent Developments—Cumulus Data Campus Sale” for additional information.
In 2023, we generated enough power for over 3 million average American homes (based on the U.S. Energy Information Administration’s 2022 estimate of 10,791 KWh per home).
In the first three months of 2024, Talen generated $319 million of net income and approximately $289 million of Adjusted EBITDA. 
Our generation portfolio is anchored by our approximately 2.2 GW interest in the Susquehanna nuclear facility, which enabled us to produce over half of our generation carbon-free in 2023. As part of the Cumulus Data Campus Sale, we entered into agreements (the “Cumulus Data Campus PPA”) to supply long-term, zero-carbon power directly from Susquehanna to the Cumulus Data Campus through fixed-price power commitments, providing cash flow stability for an initial term of at least 10 years, in addition to various extension options that could extend through the life of the plant (including additional life from license renewals).  We also believe Susquehanna may further benefit from the nuclear production tax credit under the Inflation Reduction Act of 2022 (the “Nuclear PTC”), providing additional cash flow stability through 2032.
Our 6.3 GW natural gas and oil fleet (of which 3.2 GW is from Brunner Island, Montour and Wagner Unit 3 after conversion) is reliable and dispatchable, and we believe these assets will become increasingly important for grid stabilization in the face of growing intermittent sources of generation in our core markets. These plants generate material annual capacity revenues and a seasoned operating team leads the monetization of seasonal commodity volatility. We have already completed the conversion of approximately 3.2 GW of our legacy coal fleet to natural gas or fuel oil, significantly reducing the carbon intensity of our fleet while extending the useful lives of certain assets.

Note: Net income and revenue are for the 12 months that ended March 31, 2024.
Industry: ELECTRIC POWER
Employees: 1892
Founded:
Contact Information
Address 2929 Allen Pkwy, Suite 2200 Houston, TX 77019
Phone Number (888) 211-6011
Web Address http://www.talenenergy.com/
View Prospectus: Talen Energy Corp. (Uplisting)
Financial Information
Market Cap $6050.0mil
Revenues $1990.0 mil (last 12 months)
Net Income $826.0 mil (last 12 months)
IPO Profile
Symbol TLN
Exchange NASDAQ
Shares (millions): 36.8
Price range $121.00 - $121.00
Est. $ Volume $4456.4 mil
Manager / Joint Managers NA
CO-Managers
Expected To Trade: 7/10/2024
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
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