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Talen Energy is acquiring 2.6 gigawatts of natural gas generation capacity for $3.45 billion, purchasing the Waterford Energy Center, Darby Generating Station, and Lawrenceburg Power Plant from Energy Capital Partners. The deal, which includes $2.55 billion in cash and $900 million in Talen stock, is expected to enhance Talen's position in the western PJM market and increase adjusted free cash flow per share by over 15% annually through 2030, pending regulatory approvals. The transaction is projected to close in early 2026.