NEWARK, N.J., May 5, 2021 /PRNewswire/ -- Public Service
Enterprise Group Inc. (PSEG) today announced that it has 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.
"This sale marks a key milestone in our Strategic Alternatives
process as we continue our transformation into a primarily
regulated utility. We also intend to continue our efforts to
preserve our existing carbon-free nuclear fleet and to seek
regional growth opportunities in offshore wind projects that fit
with PSEG's Powering Progress strategy," PSEG Chairman, President
and CEO Ralph Izzo said. "PSEG is
committed to clean energy and the pursuit of a sustainable business
model."
The Strategic Alternatives process is an important part of
PSEG's transformation, strengthening the focus on PSE&G, which
already comprises approximately 80% of PSEG's Operating Earnings
mix. The utility has allocated the majority of its capital
spend to meet the needs and expectations for clean energy
investments, including nearly $2
billion of Clean Energy Future projects recently approved to
help New Jersey achieve the goals of the 2018 Clean Energy
Act. Further, PSEG continues to evaluate potential additional
investments in offshore wind and is pleased to have obtained an
extension of support for its New
Jersey nuclear fleet, which is necessary for the state to
meet its long-term carbon reduction goals. These activities reflect
PSEG's commitment to clean energy and contribute to the company's
longstanding ESG leadership profile.
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. is serving as financial adviser, and
Wachtell, Lipton, Rosen & Katz is serving as legal counsel, to
PSEG in connection with the transaction.
About PSEG
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. PSEG is a Fortune 500 company
included in the S&P 500 Index and has been named to the Dow
Jones Sustainability Index for North
America for 13 consecutive years
(https://corporate.pseg.com).
Forward-Looking Statement
The statements contained in this press release that are not purely
historical are "forward-looking statements" within the meaning of
The Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from those
anticipated. Such statements are based on management's beliefs as
well as assumptions made by and information currently available to
management. Factors that may cause actual results to differ
materially from those contemplated in any forward-looking
statements made by us herein are discussed in our Annual Report on
Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed
with the Securities and Exchange Commission (SEC), and available on
our website: https://investor.pseg.com. All of the
forward-looking statements made in this press release are qualified
by these cautionary statements and we cannot assure you that the
results or developments anticipated by management will be realized
or even if realized, will have the expected consequences to, or
effects on, us or our business, prospects, financial condition,
results of operations or cash flows. Readers are cautioned not to
place undue reliance on these forward-looking statements in making
any investment decision. Forward-looking statements made in this
press release apply only as of the date hereof. While we may elect
to update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even in light of new
information or future events, unless otherwise required by
applicable securities laws.
Visit PSEG at:
www.pseg.com
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PSEG on LinkedIn
PSEG Energize!
From time to time, PSEG, PSE&G and PSEG Power release
important information via postings on their corporate Investor
Relations website at https://investor.pseg.com.
Investors and other interested parties are encouraged to visit the
Investor Relations website to review new postings. You can sign up
for automatic email alerts regarding new postings at the bottom of
the webpage at https://investor.pseg.com.
CONTACTS:
|
|
Investor
Relations
|
Media
Relations
|
Carlotta
Chan
|
Marijke
Shugrue
|
973-430-6565
|
908-531-4253
|
Carlotta.Chan@pseg.com
|
Marijke.Shugrue@pseg.com
|
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SOURCE PSEG