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Talen Energy Corporation has signed agreements to acquire 2.6 gigawatts of natural gas generation capacity from Energy Capital Partners for $3.45 billion. The acquisition includes the Waterford Energy Center and Darby Generating Station in Ohio, and the Lawrenceburg Power Plant in Indiana.

The deal comprises $2.55 billion in cash and $900 million in stock. The facilities include 1,218 MW Lawrenceburg, 869 MW Waterford, and 480 MW Darby plants. Talen expects to achieve free cash flow per share accretion exceeding 15% annually through 2030. The transaction is pending regulatory approvals and is anticipated to close in the second half of 2026.