- Associated Press - Thursday, October 8, 2015

ALLENTOWN, Pa. (AP) - Talen Energy says it’s selling a natural gas-fired power plant and two hydroelectric plants in eastern Pennsylvania because it’s required to divest assets in specific regions of the regional electric grid.

Talen Energy said Thursday that it expects $1.2 billion from the transactions. The total price tag is $1.5 billion.

It’s selling the 704-megawatt Ironwood natural gas plant to a TransCanada Corp. subsidiary for $654 million. Talen will repay $42 million in debt.

It’s also selling the Holtwood and Lake Wallenpaupack hydroelectric projects to a Brookfield Renewable Energy Partners subsidiary for $860 million. The projects generate a combined 292 megawatts.

The transactions require regulatory approvals before they can close. Allentown-based utility PPL Corp. spun off Talen Energy last year into the power generation business of energy investment firm Riverstone Holdings.

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