White & Case advises Talen Energy Corp. on US$3.8 billion acquisitions in PJM power market

Global law firm White & Case LLP has advised Talen Energy Corp. in connection with its US$3.8 billion acquisitions of Caithness Energy's Moxie Freedom Energy Center in Pennsylvania and Caithness Energy and BlackRock's Guernsey Power Station in Ohio, both combined-cycle gas-fired plants located within the PJM power market.

The acquisition of two of the most efficient natural gas plants in PJM will expand Talen's fleet with modern, high efficiency, H-Class CCGTs and enhance its platform for data center and large-load contracting. As part of the transaction, Talen is also acquiring the equity interests in Guernsey owned by the mid-market infrastructure funds managed by Global Infrastructure Partners, a part of BlackRock. Talen expects to issue approximately $3.8 billion in new debt in connection with the transactions, in anticipation of expected closing of the transactions in the fourth quarter of 2025.

The White & Case team was led by partners Andrew Weisberg, Yehuda Rubel, Gary Kashar and Justin Wagstaff, and included Capital Markets associates Brian Munsie, Elizabeth Mapelli and William Quish; and Debt Finance associates Ryan Talbott, Jessy Van Kooten, Chiara Eramo, Thomas Boulger (all in New York) and Kennedy Plott (Chicago). Law clerk Ryan Sharpstene also assisted on the matter.

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