Talen Energy Corporation and Cumulus Growth Secure $175 Million of Capital from Orion Energy Partners

Investment Capitalizes the Cumulus Digital Infrastructure Platform By Funding the Carbon-Free Hyperscale Data Center Campus and Nautilus Coin Joint Venture with TeraWulf

THE WOODLANDS,Texas,Sept. 21,2021 -- Talen Energy Corporation ("Talen") and its wholly-owned subsidiary Cumulus Growth Holdings LLC ("Cumulus Growth") announced today that they have taken additional steps forward in capitalizing and executing Talen's strategic transformation to a renewable energy and digital infrastructure growth platform. Cumulus Growth,through its wholly-owned subsidiary Cumulus Digital LLC ("Cumulus Digital"),has secured a 6-year,up to $175 million strategic capital partnership (the "Investment") with Orion Energy Partners ("Orion").

The Investment from Orion will be used to fund common infrastructure for the Cumulus hyperscale data center campus located adjacent to Talen's 2.5 Gigawatt Susquehanna carbon-free nuclear plant,as well as to fund Talen's previously-announced bitcoin mining joint venture with TeraWulf,known as Nautilus Cryptomine. Up to $125 million of the Orion capital will be available following closing and an additional $50 million will be available once agreed milestones have been satisfied. In addition,Orion will receive a non-voting equity interest in Cumulus Digital Holdings LLC ("Digital Holdings"),the parent of Cumulus Digital. The Investment will be secured by a pledge of substantially all of the assets of Digital Holdings and its subsidiaries.

Concurrent with the Investment,subsidiaries of Talen Energy Supply LLC ("TES") sold the equity interests of certain clean energy project development entities (holding primarily: data center,renewables,and battery storage assets) and certain undeveloped land to Cumulus Growth,in return for voting convertible preferred equity interests in subsidiaries of Cumulus Growth. Post-closing,Talen will own common equity in Cumulus Growth and its subsidiaries and TES,and certain of its subsidiaries,will own voting convertible preferred equity in certain Cumulus Growth subsidiaries,which provide TES with equity participation in Talen's clean energy and digital infrastructure transformation.

"We are pleased to partner with Talen and Cumulus Growth on this exciting and differentiated ESG transformation," said Nazar Massouh,CEO and Co-Managing Partner of Orion. "Our firm was built on the core principle of funding energy transition and environmental innovation across infrastructure assets by partnering with exceptional management teams,entrepreneurs,and operators. We believe the Cumulus Growth strategy and infrastructure assets under development offer significant competitive advantages in accelerating the convergence between the clean power and digital infrastructure sectors," continued Mr. Massouh.

"We are grateful for the capital,partnership and confidence of Nazar Massouh and the entire Orion team," said Alex Hernandez,CEO of Cumulus Growth and President of Talen. "We have broken ground on the Cumulus data center campus,which will provide carbon-free energy generated by Susquehanna's dual units to power the campus,including up to 475 Megawatts for hyperscale data center clients and 300 Megawatts for coin mining and other blockchain applications. The Cumulus data center investment will create family-sustaining jobs,technology training,and other economic benefits including tax revenue and increased consumption of local goods and services to both Pennsylvania and the surrounding community. The first two Cumulus data centers,one for hyperscale cloud and another for coin applications,are expected to be completed by the second half of 2022," continued Mr. Hernandez.

"Digital infrastructure and clean power are converging and growing at an accelerating rate across the globe," said Gary Wojtaszek,former CEO of CyrusOne and Advisor to Talen and Cumulus Growth. "The Cumulus Growth platform is well-positioned to serve technology customers by providing carbon-free,low-cost,ultra-reliable electricity integrated with digital asset infrastructure at scale. These attributes enable the Cumulus Growth platform to offer the lowest total cost of ownership together with ESG benefits to hyperscale,cloud,AI,coin,and blockchain clients globally. Additionally,Cumulus Growth is expected to offer customers the ability to supplement its giga-scale carbon-free offering with 400 Megawatts of new solar generation capacity under development in Pennsylvania," continued Mr. Wojtaszek.

"We are excited to take the next step in Talen's journey as a Force for Good," said Drew Karian,Managing Director of Riverstone Holdings LLC. "Talen's growth into renewable,storage,and sustainable digital infrastructure solutions are tangible expressions of Riverstone's commitment to lead decarbonization at the scale required to make meaningful impact," continued Mr. Karian.

Following the Investment and initial capitalization of Cumulus Digital,Talen and Cumulus Growth intend to raise incremental growth equity in the near-term for further data center,storage and renewables growth projects.

For more information regarding Cumulus Data,please visit: https://cumulusinfra.com/

For more information regarding Cumulus Coin,please visit: https://cumuluscoin.com

For more information regarding the Nautilus Cryptomine JV,visit:

https://talenenergy.investorroom.com/2021-08-03-Talen-Energy-Corporation-Announces-Zero-Carbon-Bitcoin-Mining-Joint-Venture-with-TeraWulf-Inc

Additional information regarding Talen's energy and digital infrastructure transformation is available on Talen's website and in its recent ESG Equity Investor Day presentation. Institutional investors may access a replay of the event via the following registration link:

https://talenenergy.investorroom.com/2021-esg-equity-investor-day

Information on the Talen,Cumulus Coin,Cumulus Data or Orion websites is not part of this press release.

About Orion Energy Partners

Orion Energy Partners is a leading private credit and equity capital partner supporting middle market infrastructure and related companies focused on energy transition and environmental innovation,with firmwide assets under management of more than $2.5 billion. Orion provides a range of creative financing solutions as an alternative to equity investment and traditional loans. Orion's target investment sectors include energy efficiency,digital infrastructure,sustainable power generation,renewable fuels,waste & recycling,water,transportation and midstream. Orion manages long-term,committed capital across multiple investment funds,allowing Orion's team to forge transformational relationships across a diverse group of companies and to be patient and supportive as these organizations execute on their business plans. For more information,please visit www.OrionEnergyPartners.com

Contact information for Orion Energy Partners:

Bethany Gorham

Senior Vice President,Investor Development,Engagement,& Accountability

Bethany@OrionEnergyPartners.com

About Cumulus Coin

Cumulus Coin,a subsidiary of Talen,is driving the convergence between blockchain applications and carbon-free electricity. Cumulus Coin intends to create sustainable bitcoin at industrial scale by mining zero-carbon coins with the appropriate regulatory overlay in a secure location in the United States. The first two Cumulus Coin mining facilities,totaling 300 Megawatts,will be located at the flagship Susquehanna digital campus powered by >1 Gigawatt of ultra-reliable,carbon-free,24x7 nuclear power. The first Cumulus Coin mining building is anticipated to commence operations in the second half of 2022. For more information,visit: https://cumuluscoin.com

About Cumulus Data

Cumulus Data,is developing a 475 Megawatt hyperscale data center campus located outsideBerwick,PA,with the potential to expand operations to other sites acrossthe United States. The flagshipSusquehannacampus will be powered by >1 Gigawatt of ultra-reliable,24x7 nuclear power with the lowest total cost of ownership (TCO) for cloud data center customers inthe United States. Cumulus Data is also expected to offer customers the ability to supplement its carbon-free offering with 400 Megawatts of new solar generation capacity under development. Cumulus Data has broken ground on its digital campus and anticipates having its first data center available for lease in the second half of 2022. For more information,visit:https://cumulusinfra.com/

About Talen Energy Corporation

Talen,through its subsidiary,TES,is one of the largest competitive power generation and infrastructure companies in North America. TES owns and/or controls approximately 13,000 megawatts of generating capacity in wholesale U.S. power markets,principally in the Mid-Atlantic,Texas and Montana.

Through its subsidiary,Cumulus Growth,Talen is developing a large-scale portfolio of renewable energy,battery storage,and digital infrastructure assets across its expansive footprint. For more information,visit https://www.talenenergy.com/esg-focused-future/

About Riverstone Holdings LLC

Riverstone is a global energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre,Jr. with over $45 billion of equity and debt capital raised to date. Riverstone conducts buyout and growth capital investments in the energy industry,with a leading franchise in low-carbon investing. The firm's pioneering investment vehicles in low-carbon platforms - which include mobility,battery materials,solar,wind and renewable fuels – span over 15 years,with $8.6 billion committed to the category since 2005 and over $3.6 billion raised across its low-carbon strategies since 2020 alone. With offices in New York,Menlo Park,London,Houston and Mexico City,the firm has executed over 200 transactions across North America,South America,Europe,Africa,Asia,and Australia.

Investor Contact

Olivia Sigo

Director,Finance,Investor Relations & ESG

281-203-5387

Olivia.Sigo@talenenergy.com

Media Contact

Taryne Williams

Media & Community Relations Manager

610-601-0327

Taryne.Williams@talenenergy.com

Cautionary Statement Regarding Forward-Looking Information

This press release includes "forward-looking statements." All statements,other than statements of historical fact,included in this press release that address activities,events or developments that Talen expects,believes or anticipates will or may occur in the future,as well as aspirational goals,are forward-looking statements. These statements are based on certain assumptions made by Talen based on its experience and perception of historical trends,current conditions,expected future developments and other factors it believes are appropriate. You are cautioned not to place undue reliance on these forward-looking statements,which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Talen undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the issuance of this press release,except as required by law. This press release and the materials referred to herein are not an offer to sell or purchase,or a solicitation of an offer to sell or purchase,any securities.