Talen Energy has signed an agreement to form a joint venture with Pattern Energy, dubbed PT Energy Transitions, to develop solar and wind energy projects.
PT Energy Transitions is expected to pursue the development, financing, construction and operation of around 1.4GW of utility scale renewable energy projects over the next five years.
The joint venture is expected to benefit from the Pattern Energy’s development and construction capabilities, combined with Talen’s advantaged asset footprint.
Initially, PT Energy Transitions project portfolio includes six solar facilities in Pennsylvania and a hybrid solar and wind facility in the Western US.
Talen president Alex Hernandez said: “Talen is pleased to expand its long-term relationship with Pattern Energy as we continue our strategic transformation to a renewable energy and digital infrastructure growth platform.
“This joint venture will allow us to accelerate our clean power transformation and grow Talen’s enterprise value.
“PT Energy Transitions is a tangible expression of Talen’s Force for Good ESG strategy, which in addition to decarbonizing our asset base, will invest in our communities and provide opportunities for our people.”
Pattern Energy said that the joint venture is an expansion of its first joint development project with Talen, the Montour Solar One project.
Montour is a 100MW solar power plant planned to be constructed adjacent to Talen’s legacy Montour fossil generating station in Washingtonville, Pennsylvania.
The solar project is among the coal-fired facilities that Talen has chosen to stop burning coal by the end of 2025, under its transformation to a sustainable ESG-focused future.
The joint venture is expected to invest around $2bn capital into the energy transition over the coming five years, staring with the Montour Solar project.
Pattern Energy president and CEO Mike Garland said: “Partnering with Talen is a natural fit for Pattern Energy as we combine the respective strengths of our teams to develop a sizeable portfolio of utility scale renewable energy projects.
“Our joint venture accelerates our country’s energy transition by utilizing Pattern Energy’s leadership in renewable energy development together with Talen’s land position and legacy transmission interconnection assets.
“We look forward to executing on these projects in partnership with Talen and to growing the scope of our PT Energy Transitions joint venture in the years ahead.”
