Talen Energy announced Tuesday that it is partnering with another energy company to work on renewable energy projects.
Talen Energy Corporation said it has entered into a joint venture with Pattern Energy Group LP. The goal of the venture, named "PT Energy Transitions," is to pursue the development, financing, construction and operation of approximately 1.4 gigawatts of utility scale renewable energy projects over the next five years.
The initial PT Energy Transitions project portfolio is comprised of six solar facilities in Pennsylvania and a hybrid solar and wind facility in the Western United States, according to a news release from Talen Energy.
The joint venture is an expansion of Talen and Pattern Energy's first joint development project, Montour Solar One, a 100 Megawatt solar power plant to be built adjacent to Talen's legacy Montour fossil generating station in Washingtonville, Pennsylvania. Montour is among the coal-fired facilities that Talen announced will cease burning coal by the end of 2025.
The joint venture is expected to invest approximately $2 billion of capital into the energy transition over the next five years, beginning with the Montour Solar project, which Talen said is one of the largest renewable investments in Pennsylvania.
Talen management will provide additional details at Talen's ESG Equity Investor Day on May 19.