Talen Energy is an independent power producer founded in 2015. It was formed when the competitive power generation business of PPL Corporation was spun off and immediately combined with competitive generation businesses owned by private equity firm Riverstone Holdings. Following these transactions, PPL shareholders owned 65% of Talen's common stock and affiliates of Riverstone owned 35% As a condition for FERC approval Talen agreed to divest approximately 1,300 megawatts of generating assets in the PJM Interconnection Region to mitigate FERC's competitiveness concerns.