PSEG Completes Sale of Solar Source Portfolio to Affiliate of LS Power
Transaction Furthers PSEG Strategic Alternatives Process
(NEWARK, N.J. – June 29, 2021) – Public Service Enterprise Group Inc. (PSEG) today announced that it has completed the sale of its PSEG Solar Source LLC portfolio to Quattro Solar LLC, an affiliate of LS Power. The sale includes the 467-megawatt-dc Solar Source portfolio of 25 solar facilities located in 14 states and related assets and liabilities.
The sale of this non-core generation portfolio is part of PSEG’s Strategic Alternatives process to explore options for PSEG Power's non-nuclear generating fleet which, in addition to Solar Source, includes more than 6,750 megawatts of fossil generation.
“This sale marks a key milestone in our Strategic Alternatives process as we continue our transformation into a primarily regulated utility,” PSEG Chairman, President and CEO Ralph Izzo said. “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. is serving as financial adviser, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel, to PSEG in connection with the transaction.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years (https://corporate.pseg.com).
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