Investment firm announces purchase of Colstrip operator

The Associated Press

A partial owner of Talen Energy Corp., which is the operator and a co-owner of Montana's Colstrip power plant, is seeking to buy the entire company for $1.8 billion.

 

HELENA, Mont. (AP) — A partial owner of Talen Energy Corp., which is the operator and a co-owner of Montana's Colstrip power plant, is seeking to buy the entire company for $1.8 billion.

Talen spokesman Todd Martin said Friday the planned acquisition by the investment firm Riverstone Holdings LLC will mean no immediate changes for Colstrip, whose future was already being questioned in a declining coal market and amid increasing regulations for coal-fired plants.

Talen Energy, which was formed last year, took over as Colstrip operator from PPL Montana. Rivestone and its affiliates already own more than a third of Talen's shares.

The two companies say they expect the deal to close by the end of the year.

Besides Colstrip, Talen owns or controls plants in Pennsylvania, New Jersey, Massachusetts, New York, Texas, Arizona and Maryland.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs