LS Power purchasing 467 MW of multi-state solar from PSEG

May 6, 2021 11:06 AM ET
  • New Jersey-based energy firm Public Service Enterprise Group Inc (NYSE: PEG), or PSEG, has actually agreed to offload a 467-MW DC solar portfolio throughout several states to an affiliate of power as well as energy infrastructure owner LS Power.
LS Power purchasing 467 MW of multi-state solar from PSEG
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The PSEG Solar Source LLC portfolio will certainly be obtained by Quattro Solar LLC, PSEG said on Wednesday without supplying financial details.

The bundle consists of 25 solar (PV) parks as well as related properties as well as obligations. The web lugging value of those possessions and obligations stands at around USD 500 million (EUR 416.6 m) as of end-March.

The sale is in line with PSEG's technique to explore choices for its non-nuclear power generation assets together with its improvement into a "mostly managed utility". The details solar parks belong to its non-core generation portfolio.

In a separate statement, LS Power stated that the solar ranches lie throughout 14 states as well as operate under power off-take contracts with energies, electric cooperatives and other large power suppliers. Twelve of the plants, with an incorporated ability of 198.7 MW DC are located in the PJM location, while seven plants completing 151.6 MW are within the CAISO/WEIM market.

The divestment is anticipated to be finished in the 2nd or third quarter of this year. Goldman Sachs & Co is PSEG's economic advisor.