Global Infrastructure SherpaProthea Sells Transmission Line to TransCo for $100 Million
Prothea has sold a transmission line to TransCo for $100 million, streamlining its asset portfolio.
Source Intelligence
The Trans Bay Cable is a 53-mile, high-voltage direct current underwater transmission cable system. Utility rates are set by the Federal Energy Regulatory Commission (FERC). The cable system provides approximately 40 percent of the electrical power used on a daily basis in San Francisco and its surrounding areas. The transaction requires approval from the California Public Utilities Commission and the FERC, as well as expiration or termination of the waiting period under the Hart-Scott-Rodino Act.
"NextEra Energy Transmission, LLC , a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced it has entered into definitive agreements with SteelRiver Infrastructure Fund North America and its partners to acquire Trans Bay Cable, LLC (TBC)"
"NextEra Energy Transmission, LLC , a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced it has entered into definitive agreements with SteelRiver Infrastructure Fund North America and its partners to acquire Trans Bay Cable, LLC (TBC)"
"to acquire Trans Bay Cable, LLC (TBC) for approximately $1 billion , including the assumption of debt."
"Wells Fargo Securities, LLC served as financial advisor"
"Pillsbury Winthrop Shaw Pittman LLP served as counsel"
"Ellison Schneider Harris & Donlan LLP served as regulatory counsel to NextEra Energy Transmission."
"RBC Capital Markets served as financial advisor"
"Winston & Strawn LLP served as legal advisor to the seller."