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NextEra Energy Transmission announces acquisition of GridLiance [free access]

September 30, 2020

NextEra Energy Transmission (NEET), LLC—a subsidiary of NextEra Energy Inc., has recently announced that it has entered into definitive agreements with affiliates of Blackstone Energy Partners to acquire GridLiance Holdco, LP and GridLiance GP, LLC (together, GridLiance) for approximately USD660 million, including the assumption of debt.


GridLiance owns about 700-mile (1,127-km) high-voltage (HV) lines in Illinois, Kansas, Kentucky, Missouri, Nevada and Oklahoma. Launched in 2014, the company markets its expertise in planning, engineering, construction and operations to small transmission owners, including electric cooperatives and public power. In addition to the transmission systems it owns, GridLiance also has long-term partnership agreements in Missouri, Oklahoma, Nevada, Texas and Kansas.


The deal will be financed in part by parent NextEra Energy’s USD2 billion sale of equity to BofA Securities and Barclays. The acquisition will ensure a bigger foothold in the Midwestern US, to NextEra.


The transaction requires approval from the Federal Energy Regulatory Commission (FERC), utility commissions in Kansas, Missouri, and Oklahoma, as well as expiration or termination of the waiting period under the Hart-Scott-Rodino Act. Assuming timely regulatory approvals, the transaction is expected to close in 2021.