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Talen Energy subsidiary files for bankruptcy, company still plans nuclear data center, Company says

Cumulus nuclear data center project unaffected by ‘restructuring’ May 11, 2022 By Dan Swinhoe

Talen Energy, which is developing a data center campus at one of its nuclear power stations, has seen one of its subsidiaries file for bankruptcy.

This week Talen Energy Supply (TES), a unit of Talen Energy Corp (TEC) that holds several of its power plants, filed for Chapter 11 protection………………..

The company is aiming to reduce its $4.5 billion debt pile and bring in $1.65 billion in new equity from bondholders. TES has secured $1.76 billion of debtor-in-possession financing (the “DIP Facilities”) led by Citigroup, Goldman Sachs, and RBC Capital Markets. The DIP Facilities are comprised of a $1 billion term loan, a $300 million revolving credit facility, and a $458 million letter of credit facility. The $1 billion term loan is being provided by an investor group of leading financial institutions.

The company said the process would “advance carbon-free data center growth initiatives, and maximize value to stakeholders.”  https://www.datacenterdynamics.com/en/news/talen-energy-subsidiary-files-for-bankruptcy-company-still-plans-nuclear-data-center/

May 12, 2022 - Posted by | business and costs, ENERGY, USA

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