Talen Energy Corporation ("Talen" or the "Company") (TLNE), an independent power producer and infrastructure company committed to the energy transition, today announced that its board of directors has approved a stock repurchase program, under which the Company is authorized to repurchase up to
"Given our ample free cash flow and limited need for go-forward growth capex, we believe implementing a shareholder return program is an appropriate part of our overall capital allocation plan," said
The Company intends to fund the repurchase program with cash on hand. The shares may be repurchased from time to time in open market transactions at prevailing market prices, negotiated transactions, or other means in accordance with federal securities laws.
The timing, number, and value of shares repurchased under the program will be at management's discretion and will depend on a number of factors, including the market price of the Company's common stock, alternate uses of capital, general market and economic conditions, and applicable legal requirements. Talen has no obligation to repurchase any amount of its common stock under the program. The program may be suspended, modified or discontinued by the board at any time without prior notice.