Today, publicly-traded diversified energy company Public Service Enterprise Group Inc. (PSEG) announced that it has completed the sale of its PSEG Solar Source LLC portfolio to Quattro Solar LLC; in fact, this company is an affiliate of LS Power. Accordingly, this sale includes the 467-megawatt-dc Solar Source portfolio of 25 solar facilities. Indeed, these assets are located in 14 states and related assets and liabilities.
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Indeed, the sale of this non-core generation portfolio is part of PSEG’s Strategic Alternatives process, particularly exploring options for PSEG Power’s non-nuclear generating fleet.
About the sale and reception
Worth noting, this sale, in addition to Solar Source, includes more than 6,750 megawatts of fossil generation.
In this sense, PSEG Chairman, President, and CEO Ralph Izzo said; “This sale marks a key milestone in our Strategic Alternatives process as we continue our transformation into a primarily regulated utility.”
Moreover, “PSEG remains committed to clean energy,” the CEO added. In fact, this commitment “includes ongoing efforts to preserve our existing carbon-free nuclear fleet and to seek growth opportunities in regional offshore wind projects.”
Particularly, Goldman Sachs & Co. is serving as a financial adviser. Also, Wachtell, Lipton, Rosen & Katz are serving as legal counsel to the company in connection with the transaction.
Worth noting, Public Service Enterprise Group Inc. (PSEG) is a publicly-traded diversified energy company. Currently, it employs approximately 13,000 people.
About PSEG and other deals
With headquarters in Newark, N.J., PSEG’s principal operating subsidiaries are Public Service Electric and Gas Co. (PSE&G), PSEG Power, and PSEG Long Island.
Moreover, the firm is a Fortune 500 company included in the S&P 500 Index. Likewise, it has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years
Similarly, the Long Island Power Authority recently reached a tentative settlement with the company. Accordingly, this agreement would keep PSEG’s services until at least 2025.
Indeed, according to WSHU, hundreds of customers wanted LIPA to end its contract with PSEG. Particularly after more than 500,000 of them lost power for days following Tropical Storm Isaias.
Therefore, the new agreement would settle LIPA’s $70 million lawsuit against the company over failures in response to that storm. Also, the deal has automatic compensation reductions; particularly, if PSEG fails to meet storm preparations and power restoration promptly.