Talen Energy to Acquire Gas-Fired Assets in PJM Expansion

The latest update is out from Talen Energy Corp ( (TLN) ).

On January 15, 2026, Talen Energy agreed to acquire approximately 2.6 gigawatts of natural gas-fired generation from Energy Capital Partners—comprising the Waterford and Darby plants in Ohio and the Lawrenceburg facility in Indiana—for $3.45 billion, funded by about $2.55 billion in cash and roughly $900 million in Talen stock. The assets, which include highly efficient combined-cycle units and a peaking plant with access to low-cost Marcellus and Utica gas supplies, will significantly expand Talen’s western PJM footprint, roughly double its expected annual generation output within two years, and further diversify its fleet following its 2025 Freedom and Guernsey acquisitions. Talen expects the deal, targeted to close in early second-half 2026 subject to regulatory approvals, to be immediately accretive to adjusted free cash flow per share by more than 15% annually through 2030, support rapid deleveraging to a net leverage level of 3.5x or lower by year-end 2026, and enhance its ability to serve growing data center and large-load customers, while making ECP a significant shareholder through equity consideration and aligning the parties’ long-term interests.

The most recent analyst rating on (TLN) stock is a Buy with a $457.00 price target. To see the full list of analyst forecasts on Talen Energy Corp stock, see the TLN Stock Forecast page.

Spark’s Take on TLN Stock

According to Spark, TipRanks’ AI Analyst, TLN is a Neutral.

Talen Energy Corp’s overall stock score is driven by its strategic progress and strong corporate events, which are offset by financial performance challenges and high valuation concerns. The company’s ability to navigate regulatory delays and improve cash flow generation will be critical for future performance.

To see Spark’s full report on TLN stock, click here.

More about Talen Energy Corp

Talen Energy Corporation (NASDAQ: TLN) is a leading U.S. independent power producer and energy infrastructure company that owns and operates about 13.1 gigawatts of generation, including 2.2 gigawatts of nuclear capacity and a sizable dispatchable fossil fleet. The company sells electricity, capacity and ancillary services into wholesale power markets, with assets concentrated in the Mid-Atlantic, Ohio and Montana, and is increasingly targeting the fast-growing demand from artificial intelligence and hyperscale data centers for reliable, low-carbon power. Headquartered in Houston, Texas, Talen has been using acquisitions to diversify its fleet and strengthen its position in the PJM market.

Average Trading Volume: 865,139

Technical Sentiment Signal: Buy

Current Market Cap: $17.13B

For an in-depth examination of TLN stock, go to TipRanks’ Overview page.