GridLiance to Acquire Transmission Assets from Electric Energy, Inc.
September 10 2018 - 8:00AM
Business Wire
Company Expands Its National Footprint to
Illinois
GridLiance, an independent transmission company, today announced
it recently signed an agreement to acquire six 161-kV transmission
lines that cross the Ohio River and related transmission equipment
from Electric Energy, Inc. (EEI) located at the Joppa Generating
Station in Illinois.
“This acquisition represents an important milestone for
GridLiance and the execution of our strategy to own, operate, and
invest in transmission assets,” said Calvin Crowder, president and
CEO of GridLiance. “This is our first transaction where we were
able to partner with a competitive integrated power company to
unlock the value of its existing transmission assets. The
transaction allows us to expand our national footprint and provides
us with a platform for operating in the Midcontinent Independent
System Operator, Inc. (MISO) Regional Transmission
Organization.”
The acquisition is expected to close during the second quarter
of calendar year 2019, subject to customary federal and state
regulatory approvals. Upon close, the six EEI transmission
operations employees currently at the site will join
GridLiance.
“We look forward to closing the transaction and welcoming the
transmission operations employees to GridLiance,” Crowder
added.
This is GridLiance’s second announced acquisition in 2018. In
July, the company announced that it had entered into a definitive
agreement with People’s Electric Cooperative to purchase its
transmission assets in Ada, Oklahoma, further expanding its
operations in the state. GridLiance currently owns and operates
approximately 600 miles of transmission lines and related
substations nationwide.
About GridLiance
GridLiance is an independent electric transmission utility
holding company. GridLiance partners with electric cooperatives,
public power, and renewable energy developers to plan for the
future of the grid, invest in electric infrastructure, and
implement strategies that meet its partners’ ownership, capital
investment, and operational goals. Based in Dallas, GridLiance
operates hundreds of miles of transmission lines and related
substation facilities in Nevada, Missouri, and Oklahoma. The
company has long-term partnerships with utility partners operating
in Missouri, Oklahoma, Nevada, Texas, and Kansas. GridLiance is a
portfolio company of Blackstone Energy Partners, an affiliate of
Blackstone (NYSE:BX), a leading energy infrastructure investor. For
more information about GridLiance, visit gridliance.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180910005466/en/
GridLianceVera CarleyDirector,
Communicationsvcarley@gridliance.com972-922-8638
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