Portland General Electric reaches agreements to construct two solar and battery hybrid projects
By Global Infrastructure Sherpa · Feb 18, 2026
Portland General Electric reached agreements to construct two solar and battery hybrid projects totaling 615 MW, including the Biglow Optimization project and the Wheatridge Expansion.
Deal Analysis
Portland General Electric's (PGE) agreement to construct two solar and battery hybrid projects, totaling 615 MW, represents a significant expansion of its renewable energy portfolio. The projects, encompassing the Biglow Optimization project and the Wheatridge Expansion, involve a partnership with Manulife Investment Management, indicating a blend of utility expertise and institutional capital. While the financial details remain undisclosed, the scale of the projects suggests a substantial investment in renewable energy infrastructure. This development underscores PGE's commitment to integrating renewable energy sources into its grid and enhancing grid reliability through battery storage.
- Total capacity of 615 MW represents a substantial addition of renewable energy and storage capacity.
- Partnership between a utility (PGE) and a major institutional investor (Manulife) highlights the growing attractiveness of renewable energy infrastructure to institutional capital.
- Focus on solar and battery hybrid projects demonstrates a move towards more reliable and dispatchable renewable energy sources.
- The projects are located in the USA, contributing to the country's renewable energy goals.
Market Context: The solar and battery storage market is experiencing rapid growth, driven by declining technology costs, increasing demand for clean energy, and supportive government policies. Hybrid projects, combining solar generation with battery storage, are becoming increasingly common as they offer a more reliable and flexible source of renewable energy.
Source Intelligence
KEY DETAILS
The deal also includes approximately 4,500 miles of transmission and distribution lines and utility operations spanning 2,700 square miles. "The deal also includes approximately 4,500 miles of transmission and distribution lines and utility operations spanning 2,700 square miles."
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Deal Size
Portland General Electric Company announced it has agreed to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp for $1.9 billion
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Capacity
Under the agreement, PGE will acquire three generation facilities: the Chehalis natural gas plant (477 MW), the Goodnoe Hills wind facility (94 MW), and the Marengo I and II wind facilities (234 MW).
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Location
Portland General Electric Expands Into Washington With $1.9 Billion PacifiCorp Acquisition
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PPA Details
The Wheatridge project will be operated in part by NextEra Energy, Inc. under a 30-year power purchase agreement.
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Financials
a transaction representing a purchase price multiple of 1.4x the estimated 2026 rate base
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Announcement
By Amit Chowdhry • Feb 18, 2026
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Expected Close
The company expects state and federal regulatory reviews to conclude approximately 12 months after filing.
PARTIES MENTIONED IN SOURCE
P
Portland General Electric Company
buyer
"Portland General Electric Company announced it has agreed to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp for $1.9 billion"
P
PacifiCorp
seller
"Portland General Electric Company announced it has agreed to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp for $1.9 billion"
M
Manulife Investment Management
investor
"As part of the transaction, PGE is partnering with Manulife Investment Management, including Manulife Infrastructure Fund III, L.P. and affiliates such as John Hancock Life Insurance Company (USA), which will hold a minority ownership stake in the Washington utility business."
N
NextEra Energy, Inc.
operator
"The Wheatridge project will be operated in part by NextEra Energy, Inc. under a 30-year power purchase agreement."
C
Copenhagen Infrastructure Partners
owner
"Additionally, PGE entered into 20-year storage capacity agreements for the 200 MW Meadowlark battery project in Washington County, Oregon, owned by Copenhagen Infrastructure Partners"
high quality
Enriched Feb 22, 2026
Market Context
This deal is part of the Solar, Battery Storage sector in USA.
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Solar, Battery Storage deals
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Global Infrastructure Sherpa