GridLiance Announces Agreement to Be Acquired by NextEra Energy Transmission
DALLAS, Sept. 29, 2020 /PRNewswire/ -- GridLiance announced today an agreement to be acquired by NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc.
Founded in 2014 by affiliates of Blackstone Energy Partners, GridLiance today owns and operates more than 700 miles of transmission lines and related substation infrastructure across six states, with a presence in the California Independent System Operator (CAISO), Southwest Power Pool (SPP) and Midcontinent Independent System Operator (MISO) regions.
"We are very excited to be joining NextEra Energy Transmission at a pivotal time in the company's development," said Calvin Crowder, President and CEO of GridLiance. "Our unique capabilities, proven track record, and tremendous growth prospects, coupled with NextEra's experience as a leading transmission owner, make this a great fit for both companies. We are also grateful for the support of Blackstone in founding GridLiance and for working closely with management over several years to build the company into a leading business focused on improving transmission system reliability and partnering with public power entities."
JP Munfa, Managing Director at Blackstone, added, "We at Blackstone are proud to have supported GridLiance through its evolution from a start-up into a business that today is financially independent, has helped improve electric system reliability for communities around the U.S., and has furthered the growth in renewable energy. Our investment in GridLiance and support for its mission exemplify Blackstone's strong commitment to building successful businesses and making a positive impact in our communities. We appreciate NextEra's interest in acquiring the company, and we look forward to witnessing its continued success as part of the NextEra family."
NextEra Energy Transmission, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), is a leading transmission company with operations in California, New Hampshire and Texas, as well as numerous projects under development in the United States and Canada.
The acquisition, which is subject to customary state and regulatory approvals, is expected to close in 2021. Goldman Sachs and Kirkland & Ellis served as financial advisor and counsel to GridLiance. NextEra was advised by Wells Fargo Securities and Pillsbury Winthrop Shaw Pittman.
About GridLiance
GridLiance is an independent electric transmission utility holding company. GridLiance collaborates with rural electric cooperatives, municipal utilities, joint action agencies and others to plan for the future of the grid, invest in necessary electric infrastructure and implement strategies to improve system reliability and resiliency and reduce overall costs to customers. Based in Dallas, GridLiance operates more than 700 miles of transmission lines and related substation facilities in Illinois, Kansas, Kentucky, Missouri, Nevada and Oklahoma. 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.
SOURCE GridLiance
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