PSE&G to sell solar subsidiary to LS Power affiliate May 5, 2021
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Public Service Enterprise Group Inc. will sell its PSEG Solar Source LLC portfolio to Quattro Solar LLC, an affiliate of LS Power. The agreement, announced May 5, includes the 467-megawatt-dc Solar Source portfolio of 25 solar facilities in various states and related assets and liabilities.
The sale is part of PSEG’s Strategic Alternatives process to explore options for PSEG Power’s non-nuclear generating fleet which, in addition to Solar Source, includes more than 6,750 megawatts of fossil generation.
Izzo
“This sale marks a key milestone in our Strategic Alternatives process as we continue our transformation into a primarily regulated utility. We also intend to continue our efforts to preserve our existing carbon-free nuclear fleet and to seek regional growth opportunities in offshore wind projects that fit with PSEG’s Powering Progress strategy,” PSEG Chief Executive Officer Ralph Izzo said
Public Service Enterprise To Sell Solar Source Portfolio To Affiliate Of LS Power
WASHINGTON (dpa-AFX) - Public Service Enterprise Group Inc. (PEG) said that it agreed to sell its PSEG Solar Source LLC portfolio to Quattro Solar LLC, an affiliate of LS Power. The sale includes the 467-megawatt-dc Solar Source portfolio of 25 solar facilities located in various states and related assets and liabilities.
The PSEG Solar Source transaction is expected to close in the second or third quarter of 2021.
The net carrying value of the assets and liabilities to be sold is approximately $500 million as of March 31, 2021.
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PSEG Enters Agreement to Sell Its Solar Source Portfolio to Affiliate of LS Power
Transaction Furthers PSEG Strategic Alternatives Transformation
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NEWARK, N.J., May 5, 2021 /PRNewswire/ Public Service Enterprise Group Inc. (PSEG) today announced that it has entered into an agreement to sell its PSEG Solar Source LLC portfolio to Quattro Solar, LLC, an affiliate of LS Power. The sale includes the 467-megawatt-dc Solar Source portfolio of 25 solar facilities located in various states and related assets and liabilities. The sale of this non-core generation portfolio is part of PSEG s Strategic Alternatives process to explore options for PSEG Power s non-nuclear generating fleet which, in addition to Solar Source, includes more than 6,750 megawatts of fossil generation.
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S&P Global Market Intelligence presents In Play Today, a periodic summary of potential deal activity in the energy sector. This summary is based on information obtained by S&P Global Market Intelligence and may not be inclusive of all potential deal activity. Send comments and news leads to Darren.Sweeney@spglobal.com.
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