PPL to sell solar project designer Safari Energy to Aspen Power
- United States energy company PPL Corp (NYSE: PPL) will offload its subsidiary PPL Safari Holdings LLC, which runs a business dedicated to the acquisition, growth and also management of solar projects in the commercial as well as industrial (C&I) market.
The moms and dad company of Safari Energy LLC will certainly be purchased by a device of distributed generation platform Aspen Power Partners LLC for an unrevealed amount, the vendor said on Thursday.
PPL explained that its choice to unload the solar business was encouraged by its updated method to hone the concentrate on its utility operations and also grid financial investments. The business's core business is to provide electricity and also natural gas via its regulated utilities, which are serving 3.5 million people in Kentucky, Pennsylvania, Rhode Island and also Virginia.
The purchase is subject to authorization by the US Department of Justice and is expected to be settled in the closing quarter of this year.
The sale will certainly not impact PPC's monetary outcomes, the business kept in mind.
