Talen Energy Corporation · NASDAQ:TLN
Talen Energy — Merger or Acquisition (July 2025)
11 slides from Talen Energy's merger presentation, Jul 17, 2025
Slide 1: Acquisition of Moxie Freedom and Guernsey
Guernsey Moxie Freedom Acquisition of Moxie Freedom and Guernsey Talen Energy Corporation | July 17, 2025
Slide 2: Disclaimer
Disclaimer The information contained herein, as well as any information that has been supplied orally in connection herewith, speaks only as of the date of this presentation. Talen Energy Corporation (“Talen,” “TEC,” the “Company,” “we,” “our,” or “us”) and our affiliates and representatives express
Slide 3: Talen to Acquire Moxie Freedom and Guernsey Plants for $3.5 Billion Enterprise Value
Talen to Acquire Moxie Freedom and Guernsey Plants for $3.5 Billion1 Enterprise Value Unlocks Material Day One Value ▪ Combined effective Enterprise Value implies an attractive 6.7x1,2 2026E EV/EBITDA multiple ▪ Expected to be immediately accretive to FCF/share by >40% in 2026, and >50% through 2029
Slide 4: Key Transaction Terms and Financial Details
Key Transaction Terms ▪ Acquisition of Caithness Energy’s Moxie and Guernsey gas-fired assets for an effective enterprise value of approximately $3.5 billion1 Key Financial Details ▪ Acquiring 100% of both assets and simplifying existing capital structure by Considerations and acquiring Blackrock’s
Slide 5: Moxie Freedom & Guernsey Overview
Moxie Freedom & Guernsey Overview Moxie Freedom Energy Center and Guernsey Power Station are high-quality, highly-efficient CCGTs that complement Talen’s existing operations. Key Highlights Geographic Footprint By Sub-region 1 Scaled portfolio of CCGTs: fundamentally advantaged 2,881 MW portfolio in
Slide 6: Positioned to Capitalize on AI / Data Center Growth
Positioned to Capitalize on AI / Data Center Growth A Platform to Power the Digital Economy AI GPU Power Requirements Driving Data Center Demand Growth 176 GW ▪ Ability to deliver gigawatt scale solutions Record power draw from Thermal Design Power (Watts) Total data 1,500 current generation GPUs NV
Slide 7: Balance Sheet Stability and Capital Markets Access
Balance Sheet Stability and Capital Markets Access Maintains Balance Sheet Strength ▪ Utilizes balance sheet to acquire accretive highly strategic assets ▪ Focused deleveraging plan with capital allocation commitments supporting a target net leverage of below 3.5x by year end 2026 Flexible fleet Inn
Slide 8: Powering the Future: Upcoming Events
Powering the Future: Upcoming Events Investor Update in NYC: September 9th Upcoming Investor Events: Agenda includes: ▪ Q2 Earnings Call: August 7 at 8am ET (7am CT) ▪ 2026 guidance and 2027 - 2028 outlook ▪ Long-term growth drivers ▪ Seaport Virtual Conference: August 20th In-person attendance will
Slide 9: Appendix
Appendix TALENY ENERGY
Slide 10: Regulatory Approvals and Timing
Regulatory Approvals and Timing Moxie Freedom Federal Energy ▪ FERC approval required prior to the close of the transaction Regulatory Commission ▪ FERC has 180 days to act but can extend for another 180 days (“FERC”) Hart-Scott- Rodino ▪ Hart-Scott-Rodino review: initial 30-day waiting period (“HSR
Slide 11: Pro Forma Generation Portfolio
Pro Forma Generation Portfolio Owned Capacity Commercial Asset State Primary Fuel Plant Type Ownership Region (MW) Operations Date Caithness Guernsey OH Natural Gas Baseload 100% 1,836 2023 PJM-AEP/RTO Moxie Freedom PA Natural Gas Baseload 100% 1,045 2018 PJM-PPL/MAAC Caithness 2,881 Talen Susquehan