HELENA, Mont. (AP) — Riverstone Holdings LLC has completed its $1.8 billion purchase of Talen Energy Corp., the Pennsylvania company that is the operator and co-owner of Montana's Colstrip power plant.
The private company announced the merger's completion on Tuesday.
The Morning Call in Allentown, Pennsylvania, reports that Ralph Alexander will replace Paul Farr as Talen's president and CEO. The newspaper says Farr signed a $21 million severance agreement last year.
Talen previously sent notice to the other owners of the coal-fired power plant in Montana that it wants out as operator by mid-2018.
The future of the plant, which provides power to much of the Pacific Northwest, has been in question amid low coal prices, increasing federal regulations and environmental lawsuits.
Talen and Puget Sound Energy of Washington state plan to shut down two of the plant's four units by 2022.