M&AClosedPress / newsJuly 17, 2025

Moxie Freedom (1,105 MW CCGT, PA) + Guernsey Power Station (1,875 MW CCGT, OH) — combined-cycle gas plants in PJM

Talen Energy announced acquisition of both Moxie Freedom (1,105 MW CCGT, Luzerne County, PA) and Guernsey Power Station (1,875 MW CCGT, Guernsey County, OH) on July 17, 2025, for combined $3.5B net ($3.8B gross). Breakdown: $1.46B for Moxie, $2.33B for Guernsey. Sellers: Caithness Energy (and BlackRock/GIP for Guernsey equity interests). Completed Nov 25, 2025.

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$3.50B

Deal Value

2,980MW

Capacity

Natural Gas

Technology

OH, PA

Location

Project: Moxie Freedom (1,105 MW CCGT, PA) + Guernsey Power Station (1,875 MW CCGT, OH)Asset profile →

MarketsOhio Pennsylvania Natural Gas PJM

Deal Details

Deal Type: Corporate M&A
Seller / Sponsor: Caithness Energy, BlackRock/GIP
Buyer / Financier: Talen Energy
Deal Value: $3.5B (net; $3.8B gross)
Stage: Operating
ISO/RTO: PJM
Source: Talen Energy IR

Capital Structure

$3.80B

Total transaction value

Debt$3.90B100%

Tranches

Senior Unsecured Notes (6.250% due 2034) · Talen Energy: $1.40B
Senior Unsecured Notes (6.500% due 2036) · Talen Energy: $1.29B
Senior Secured Term Loan B (due 2032) · Talen Energy: $1.20B
Revolver (upsized $700M to $900M) · Talen Energy revolving credit facility: $900M
Letter of Credit Facility (upsized $900M to $1.1B) · Talen Energy standalone LoC facility: $1.10B

Service Providers

Advisory & Legal

Buyer Counsel: Kirkland & Ellis, White & Case
Buyer Financial Advisor: RBC Capital Markets, Citi
Seller Counsel: Paul Hastings
Seller Financial Advisor: Lazard
Lender Counsel: Cahill Gordon & Reindel
Financial Advisor: RBC Capital Markets, Citi, Lazard
notes: Lazard lead for Caithness sale; RBC + Citi co-lead for Talen; Cahill Gordon as lender counsel for RBC/Citi. Closed July 17, 2025.