NextEra Energy Transmission to acquire GridLiance
On 29 September, GridLiance announced an agreement to be acquired by NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc.
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USA, Texas Dallas: On 29 September, GridLiance announced an agreement to be acquired by NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc.
Founded in 2014 by affiliates of Blackstone Energy Partners, GridLiance today owns and operates more than 1,100 km (700 mi) of transmission lines and related substation infrastructure across six states, with a presence in the California Independent System Operator, Southwest Power Pool and Midcontinent Independent System Operator regions.
“We are very excited to be joining NextEra Energy Transmission at a pivotal time in the company’s development,” said Calvin Crowder, President and CEO of GridLiance. “Our unique capabilities, proven track record, and tremendous growth prospects, coupled with NextEra’s experience as a leading transmission owner, make this a great fit for both companies. We are also grateful for the support of Blackstone in founding GridLiance and for working closely with management over several years to build the company into a leading business focused on improving transmission system reliability and partnering with public power entities.”
JP Munfa, Managing Director at Blackstone, added, “We at Blackstone are proud to have supported GridLiance through its evolution from a start-up into a business that today is financially independent, has helped improve electric system reliability for communities around the USA, and has furthered the growth in renewable energy. Our investment in GridLiance and support for its mission exemplify Blackstone’s strong commitment to building successful businesses and making a positive impact in our communities. We appreciate NextEra’s interest in acquiring the company, and we look forward to witnessing its continued success as part of the NextEra family.”
NextEra Energy Transmission, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), is a leading transmission company with operations in California, New Hampshire, and Texas, as well as numerous projects under development in the United States and Canada.
The acquisition, which is subject to customary state and regulatory approvals, is expected to close in 2021. Goldman Sachs and Kirkland & Ellis served as financial advisor and counsel to GridLiance. NextEra was advised by Wells Fargo Securities and Pillsbury Winthrop Shaw Pittman.
Source: PR Newswire
