Global Infrastructure SherpaPortland General Electric reaches agreements to construct two solar and battery hybrid projects
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.
Counterparts (2)
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- 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.
Source Intelligence
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."
"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"
"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"
"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."
"The Wheatridge project will be operated in part by NextEra Energy, Inc. under a 30-year power purchase agreement."
"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"
Timeline
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