NextEra Energy Transmission completes acquisition of independent transmission company
NextEra Energy Transmission, LLC has successfully acquired GridLiance Holdco, LP and GridLiance GP, LLC from Blackstone affiliates for approximately $660 million, including debt assumption.
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Rhea-AI Summary
NextEra Energy Transmission, LLC has successfully acquired GridLiance Holdco, LP and GridLiance GP, LLC from Blackstone affiliates for approximately $660 million, including debt assumption. This acquisition aligns with NextEra's strategy to enhance its competitive transmission capabilities and integrate high-quality regulated assets. GridLiance brings around 700 miles of high-voltage transmission lines across six states, further strengthening NextEra's operations in renewable energy integration and electric grid reliability.
Positive
- Acquisition of GridLiance enhances NextEra's competitive position in the transmission sector.
- GridLiance's assets include approximately 700 miles of high-voltage transmission lines, contributing to infrastructure expansion.
- Strategically aligned with NextEra's goal of adding regulated assets to its portfolio.
Negative
- None.
Details
News Market Reaction – NEE
The recorded move for NEE in the trading session of this news was +0.21%.
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JUNO BEACH, Fla., March 31, 2021 /PRNewswire/ -- NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced it has completed the previously announced acquisition of GridLiance Holdco, LP and GridLiance GP, LLC (GridLiance) from affiliates of Blackstone for approximately
"We are pleased to have completed the acquisition of GridLiance and welcome their team into the NextEra Energy family," said Jim Robo, chairman and CEO of NextEra Energy. "This acquisition furthers our goal of creating America's leading competitive transmission company and is consistent with our strategy of adding high-quality regulated assets to our portfolio."
GridLiance owns approximately 700 miles of high-voltage transmission lines and related equipment with utility rates set by the Federal Energy Regulatory Commission (FERC). The company's assets span three regional transmission organizations and six states.
NextEra Energy Transmission
NextEra Energy Transmission develops, finances, constructs, and maintains transmission assets across the continent. NextEra Energy Transmission operates through its regional subsidiaries to integrate renewable energy and strengthen the electric grid. The company's subsidiaries were among the first non-incumbents to be awarded projects by system operators and utility commissions in California, New York, Texas, and Ontario. NextEra Energy Transmission's portfolio includes operating assets in 10 states and six regional transmission organizations, numerous projects under development and construction in the United States, and a project under construction in Ontario, Canada. To learn more, visit www.NextEraEnergyTransmission.com.
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SOURCE NextEra Energy Transmission, LLC
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