Manulife Infrastructure Fund III to acquire 49% ownership stake in Portland General Electric's Washington utility business

Manulife Infrastructure Fund III, along with John Hancock Life Insurance Co., has announced its intent to acquire a 49% ownership stake in Portland General Electric's Washington utility business. This investment represents a strategic move for Manulife Infrastructure Fund III to expand its portfolio within the US infrastructure market, specifically targeting the transmission sector. The partnership allows Portland General Electric to potentially unlock capital for other strategic initiatives while retaining majority ownership and operational control of its Washington utility assets. The involvement of John Hancock Life Insurance Co. further underscores the significance of this deal, leveraging the financial strength and expertise of a major institutional investor. While the financial terms of the deal remain undisclosed, the investment highlights the continued appetite for infrastructure assets, particularly in the transmission sector. Manulife Infrastructure Fund III's focus on long-term, stable investments aligns with the characteristics of regulated utility assets. This transaction could signal further interest from institutional investors in partnering with utilities to modernize and expand their infrastructure networks. The deal's completion is contingent upon customary closing conditions, and further details regarding the transaction's impact on Portland General Electric's operations and financial performance are anticipated.