Wachtell, Lipton, Rosen & Katz advised PSEG in the transaction.
Public Service Enterprise Group Inc. (PSEG) entered into an agreement to sell 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 various 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.
The PSEG Solar Source transaction is expected to close in the second or third quarter of 2021, subject to customary regulatory and other closing conditions. As a result of today’s announcement, the assets and liabilities of Solar Source will be classified as Assets Held for Sale beginning in the second quarter of 2021. The net carrying value of the assets and liabilities to be sold is approximately $500 million as of March 31, 2021.
Goldman Sachs & Co. served as financial adviser 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.
LS Power is a development, investment, and operating company focused on power generation, electric transmission and energy infrastructure.
Wachtell, Lipton, Rosen & Katz advised PSEG with a team led by partners Andrew R. Brownstein (Picture) and Benjamin M. Roth.
Involved fees earner: Andrew Brownstein – Wachtell, Lipton, Rosen & Katz; Benjamin Roth – Wachtell, Lipton, Rosen & Katz;
Law Firms: Wachtell, Lipton, Rosen & Katz;
Clients: Public Service Enterprise Group, Inc.;