Florida-based NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc., will acquire Dallas-based GridLiance Holdco, LP and GridLiance GP, LLC for approximately $660 million, including the assumption of debt, according to joint press releases issued on Tuesday by both companies.
“GridLiance partners with electric cooperatives and public power utilities to enhance transmission system reliability and is well positioned to benefit from the substantial expected renewables growth over the coming years,” 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 substation infrastructure with utility rates set by the Federal Energy Regulatory Commission. Founded in 2014, the company’s assets span three regional transmission organizations and six states including Illinois, Kansas, Kentucky, Missouri, Nevada and Oklahoma. It also has a presence in the California Independent System Operator (CAISO), Southwest Power Pool (SPP) and Midcontinent Independent System Operator (MISO) regions.
GridLiance is an independent electric transmission utility holding company, according to its press release. It collaborates with rural electric cooperatives, municipal utilities, joint action agencies and others to plan for the future of the grid, invest in necessary electric infrastructure and implement strategies to improve system reliability and resiliency and reduce overall costs to customers.
NextEra Energy Transmission develops, finances, constructs, operates, 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 California, New Hampshire and Texas, as well as numerous projects under development across the United States and Canada, according to its press release.
NextEra Energy Transmission, a subsidiary of NextEra Energy, Inc., 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 transaction requires the customary state and regulatory approvals as well as expiration or termination of the waiting period under the Hart-Scott-Rodino Act. The acquisition is expected to close in 2021.