Public Service Enterprise Group has agreed to sell a solar facility portfolio, it announced this week, continuing its process of exploring options for its non-nuclear generating fleet.
PSEG said in a news release that it will sell its PSEG Solar Source LLC portfolio to Quattro Solar LLC, an affiliate of LS Power. The portfolio includes 25 solar facilities and related assets in various states, comprising 467 megawatts of power.
“This sale marks a key milestone in our strategic alternatives process as we continue our transformation into a primarily regulated utility,” Chairman, CEO and President Ralph Izzo said in a prepared statement. “We 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.”
Financial terms were not disclosed.
PSEG said its strategic alternatives process will strengthen the focus on Public Service Electric & Gas, which already comprises about 80% of the company’s operating earnings mix.
The transaction is expected to close in the second or third quarter, pending customary approvals and conditions.
Goldman Sachs & Co. is PSEG’s financial adviser on the transaction, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel.