State regulators approved plans for the PPL Corporation to form a new company. The Pennsylvania Public Utility Commission gave the okay for the transfer of the corporation’s indirect ownership interest in PPL Interstate Energy Company to form Talen Energy Corporation.
The PUC’s approval also authorized an indirect 35 percent ownership interest in the new company to private equity firm Riverstone Holdings LLC. The transaction is part of a bigger spinoff involving PPL and a Riverstone Holdings affiliate.
PPL Electric Utilities is not affected by this deal.