NextEra Energy is acquiring GridLiance in a $660 million deal announced this week, one involving some Oklahoma operations.
The actual purchase is made by NextEra Energy Transmission, LLC, a subsidiary of Next Era Energy, Inc., a large wind farm operator in Oklahoma.
Based in Dallas, GridLiance operates more than 700 miles of transmission lines and related substation facilities in Illinois, Kansas, Kentucky, Missouri, Nevada and Oklahoma.
Founded in 2014 by affiliates of Blackstone Energy Partners, GridLiance today owns and operates more than 700 miles of transmission lines and related substation infrastructure across six states, with a presence in the California Independent System Operator (CAISO), Southwest Power Pool (SPP) and Midcontinent Independent System Operator (MISO) 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.
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 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.
About GridLiance
GridLiance is an independent electric transmission utility holding company. GridLiance 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. GridLiance is a portfolio company of Blackstone Energy Partners, an affiliate of Blackstone (NYSE: BX), a leading energy infrastructure investor. For more information about GridLiance, visit gridliance.com.