NEWARK, N.J., June 29, 2021 /PRNewswire/ -- Public Service
Enterprise Group Inc. (PSEG) today announced that it has completed
the sale of 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 14 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," PSEG Chairman, President and CEO Ralph Izzo said. "PSEG remains committed to
clean energy, which includes ongoing efforts to preserve our
existing carbon-free nuclear fleet and to seek growth opportunities
in regional offshore wind projects."
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).
Visit PSEG
at:
www.pseg.com
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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.
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