PSEG to sell its Solar Source portfolio
Public Service Enterprise Group (PSEG) is selling its PSEG Solar Source portfolio to Quattro Solar, an affiliate of LS Power.
The deal includes the sale of Solar Source’s 467-megawatt-dc portfolio across 25 solar facilities located across the country. The sale is part of PSEG’s Strategic Alternatives process to explore options for PSEG Power’s non-nuclear generating fleet, which, in addition to Solar Source, includes more than 6,750 megawatts of fossil generation.
“This sale marks a key milestone in our Strategic Alternatives process as we continue our transformation into a primarily regulated utility. We also intend to continue our efforts to preserve our existing carbon-free nuclear fleet and to seek regional growth opportunities in offshore wind projects that fit with PSEG’s Powering Progress strategy,” PSEG Chairman, President, and CEO Ralph Izzo said. “PSEG is committed to clean energy and the pursuit of a sustainable business model.”
The Strategic Alternatives process is an important part of PSEG’s transformation. The utility has allocated the majority of its capital spend on clean energy investments, including nearly $2 billion of Clean Energy Future projects to help New Jersey achieve the goals of the 2018 Clean Energy Act.
In addition, PSEG continues to evaluate potential additional investments in offshore wind. Further, the company obtained an extension of support for its New Jersey nuclear fleet.
The PSEG Solar Source transaction is expected to close in the second or third quarter of 2021, pending approvals.
