PSEG Agrees to Sell Solar Source Portfolio to Affiliate of LS Power

PSEG has entered into an agreement to sell its PSEG Solar Source LLC portfolio to Quattro Solar, 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.
PSEG Agrees to Sell Solar Source Portfolio to Affiliate of LS Power
Courtesy of NREL

“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 Chairman, President and CEO Ralph Izzo said. “PSEG is committed to clean energy and the pursuit of a sustainable business model.”

The Strategic Alternatives process is an important part of PSEG’s transformation, strengthening the focus on PSE&G, which already comprises approximately 80% of PSEG's Operating Earnings mix. The utility has allocated the majority of its capital spend to meet the needs and expectations for clean energy investments, including nearly $2 billion of Clean Energy Future projects recently approved to help New Jersey achieve the goals of the 2018 Clean Energy Act.

Further, PSEG continues to evaluate potential additional investments in offshore wind and is pleased to have obtained an extension of support for its New Jersey nuclear fleet, which is necessary for the state to meet its long-term carbon reduction goals. These activities reflect PSEG’s commitment to clean energy and contribute to the company’s longstanding ESG leadership profile.

The PSEG Solar Source transaction is expected to close in the second or third quarter of 2021, subject to customary regulatory and other closing conditions. As a result of today’s announcement, the assets and liabilities of Solar Source will be classified as Assets Held for Sale beginning in the second quarter of 2021. The net carrying value of the assets and liabilities to be sold is approximately $500 million as of March 31, 2021.

Goldman Sachs & Co. is serving as financial adviser, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel, to PSEG in connection with the transaction.

Baterías con premio en la gran feria europea del almacenamiento de energía
El jurado de la feria ees (la gran feria europea de las baterías y los sistemas acumuladores de energía) ya ha seleccionado los productos y soluciones innovadoras que aspiran, como finalistas, al gran premio ees 2021. Independientemente de cuál o cuáles sean las candidaturas ganadoras, la sola inclusión en este exquisito grupo VIP constituye todo un éxito para las empresas. A continuación, los diez finalistas 2021 de los ees Award (ees es una de las cuatro ferias que integran el gran evento anual europeo del sector de la energía, The smarter E).