NextEra Energy Transmission completes acquisition of Trans Bay Cable
NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc., announced Tuesday that it completed its previously announced acquisition of Trans Bay Cable, LLC (TBC) from affiliates of Steelriver Infrastructure Fund North America.
“We are pleased to complete this transaction and welcome the TBC employees to the NextEra Energy family,” Jim Robo, chairman and CEO of NextEra Energy, said. “This transaction 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.”
TBC, a transmission utility, owns a 53-mile, high-voltage direct current underwater transmission cable system with utility rates set by the Federal Energy Regulatory Commission and revenues paid by the California Independent System Operator. The cable system extends from Pittsburg, California, to San Francisco, California.
The financial terms of the transaction were not disclosed.
