Public Service Enterprise Goup on Friday announced it completed the previously announced sale of PSEG Fossil’s generating assets located in New Jersey and Maryland to a subsidiary of ArcLight Energy Partners Fund VII L.P. for approximately $1.92 billion.
Completion of the sale concludes one of the two transactions that together comprise the sale of PSEG Fossil’s 6,750-megawatt portfolio of 13 fossil generation units in New Jersey, Connecticut, Maryland and New York.
“This sale marks a key milestone in the strategic alternatives process we initiated in July 2020 and positions us to continue to grow our regulated utility, PSE&G, complemented with more predictable carbon-free generation and infrastructure,” PSEG Chairman, CEO and President Ralph Izzo said. “PSEG is focused on clean energy and infrastructure investments to drive regulated utility growth, with a vision toward powering a future where people use less energy, and it’s cleaner, safer and delivered more reliably than ever. PSEG’s improved business mix, on track to achieve 90% regulated, further enhances an already-compelling environmental, social and governance profile.”
Furthermore, PSEG anticipates completing the sale of PSEG Fossil’s New York and
Connecticut generating assets within the first quarter of 2022.
Goldman Sachs & Co. is serving as financial adviser, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to PSEG in connection with the PSEG Fossil transaction.
