Talen Energy is joining forces with Pattern Energy Group in a joint venture named PT Energy Transitions; the new company will pursue the development, financing, construction and operation of approximately 1.4 Gigawatts of utility scale renewable energy projects over the next five years.
Firstly, PT Energy Transitions will leverage from the collective strengths of its partners, including Pattern Energy’s development and construction capabilities, while utilizing Talen’s advantaged asset footprint.
Secondly, the new company will have a portfolio of six solar facilities in Pennsylvania and a hybrid solar and wind facility in the Western United States.
Thirdly, PT is actually an expansion of Talen and Pattern Energy’s first joint development project, Montour Solar One; which is a 100-megawatt solar power plant to be built adjacent to Talen’s Montour fossil generating station in Washingtonville, Pennsylvania.
In fact, Montour is among the coal-fired facilities that Talen announced will cease burning coal by the end of 2025; as the company re shapes to face the energy transition. Moreover, PT Energy Transitions will invest nearly $2 billion into the energy transition for the next five years.
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Talen Energy and Pattern energy’s joint venture to help the U.S. with energy transition
Moreover, such investment will initiate with the development of the Montour Solar project mentioned above; which is one of the largest renewable investments in Pennsylvania.
Consequently, Alex Hernandez, Talen’s President, said. “This joint venture will allow us to accelerate our clean power transformation; and also grow Talen’s enterprise value. Furthermore, PT Energy Transitions is a tangible expression of our company’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.”
He also remarked. “Talen Energy 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.”
Finally, Mike Garland, President and CEO of Pattern Energy, said. “Our joint venture accelerates our country’s energy transition by utilizing Pattern Energy’s leadership in renewable energy development. We also look forward to executing on these projects in partnership with Talen Energy; and also, to grow the scope of our PT Energy Transitions joint venture in the years ahead.”
