Talen Energy Corp. said on Thursday it is selling three Pennsylvania power plants for $1.51 billion in cash. Talen’s Ironwood natural gas-fired plant is being sold to a subsidiary of TransCanada Corp. for $654 million, and the Holtwood and Wallenpaupack hydroelectric projects are being sold to a Brookfield Renewable Energy Partners L.P. sub for $860 million. The deals are expected to close in the first quarter of 2016. Talen expects to use the net proceeds of the deals, which should total $1.16 billion, to pay down debt. Talen’s stock, which was still inactive in premarket trade, has tumbled 39% over the past three months, while the S&P 500 has lost 2.5%.
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