FERC approves sale of transmission company
The Federal Energy Regulatory Commission approved the sale of GridLiance to NextEra Energy Transmission at the end of March.
The $660 million acquisition included the 164-mile 230-kilovolt transmission system in southwestern Nevada.
This transmission system was sold to Gridliance in 2017 by Valley Electric Association Inc. for over $200 million.
FERC concluded that the acquisition would not harm competition.
GridLiance launched in 2014. The company, backed by Blackstone Group when it launched, focuses on planning, engineering, construction and operations to small transmission owners, which includes electric cooperatives and public power.
NextEra also takes control of GridLiance’s high-voltage transmission lines in Illinois, Kansas, Kentucky, Missouri and Oklahoma. In total, GridLiance owns approximately 700 miles of high-voltage transmission lines and related equipment.
NextEra Energy Transmission, a subsidiary of NextEra Energy Inc., announced its agreement to purchase Gridliance in September 2020.
“GridLiance partners with electric cooperatives and public power utilities to enhance transmission system reliability and is well positioned to benefit from the substantial expected renewables growth over the coming years,” said Jim Robo, chairman and CEO of NextEra Energy, in a written statement at the time of the announcement. “This acquisition furthers our goal of creating America’s leading competitive transmission company and is consistent with our strategy of adding high-quality regulated assets to our portfolio.”
