The sale, which was first announced in May, will see PSEG transfer its 467-megawatt PSEG Solar Source LLC portfolio of 25 facilities in 14 states to Quattro, an affiliate of LS Power.
The sale is part of PSEG’s “Strategic Alternatives” process to explore options for its nonnuclear generating fleet, the utility noted.
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“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. “PSEG remains committed to clean energy, which includes ongoing efforts to preserve our existing carbon-free nuclear fleet and to seek growth opportunities in regional offshore wind projects.”
Goldman Sachs & Co. was PSEG’s financial adviser on the transaction, while Wachtell, Lipton, Rosen & Katz was legal counsel.