On June 15, 2026, Talen Energy Corporation closed the acquisition of three natural gas and combustion turbine power plants held by Energy Capital Partners affiliates. The three facilities are the Lawrenceburg Power Plant in Lawrenceburg, Indiana with a capacity of 1,120 megawatts, the Waterford Energy Center in Waterford, Ohio with a capacity of 875 megawatts, and the Darby Generating Station in Mount Sterling, Ohio with a capacity of 456 megawatts, representing a combined total of 2,451 megawatts of generation capacity.

The purchase price for the acquisition was $3.45 billion. Of this amount, approximately $2.55 billion was paid in cash, subject to customary working capital and other adjustments. The remaining consideration consisted of 2,399,998 shares of Talen Energy Corporation common stock issued to the Cornerstone Equityholders who received the stock consideration. The acquisition was previously announced on January 15, 2026.

In connection with the closing, Talen Energy Supply, LLC, a wholly owned subsidiary of the Company, entered into Amendment No. 7 to its Credit Agreement with Citibank, N.A. as administrative and collateral agent on June 15, 2026. The Seventh Amendment increased the existing revolving credit facility from $900 million to $1.35 billion, an increase of $450 million. Concurrently, the amendment upsized the stand-alone letter of credit facility from $1.1 billion to $1.5 billion and extended the maturity of the stand-alone letter of credit facility from December 2027 to December 2029. These credit facility commitments are available for working capital, capital expenditures, general corporate purposes, and the issuance of letters of credit. The effectiveness of the credit agreement amendment was expressly conditioned on the substantially concurrent consummation of the acquisition.

The Acquired Companies are expected to become guarantors under the existing debt instruments of Talen Energy Supply, LLC in accordance with the terms thereof and within required time periods. Additionally, the Cornerstone Equityholders agreed to a 90-day lock-up period on 50 percent of the stock consideration and a 180-day lock-up period on the remaining stock consideration. A registration rights agreement was executed on the closing date providing for resale registration rights, additional underwritten demand rights, and piggy-back registration rights, subject to customary limitations.