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Press Releases

11/9/2020 - GridLiance Named Winner of 2020 Dallas 100 Awards by SMU Cox Caruth Institute for Entrepreneurship
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GridLiance Named Winner of 2020 Dallas 100 Awards by SMU Cox Caruth Institute for Entrepreneurship
Source: PR Newswire
DALLAS, Nov. 9, 2020 /PRNewswire/ -- The SMU Cox Caruth Institute for Entrepreneurship recently named GridLiance, an independent electric transmission company, to this year's list of Dallas 100 companies. The annual competition recognizes the fastest growing, most dynamic privately held companies in the Dallas area based on percentage growth and absolute dollar growth over the previous three years.
"It is an honor to be included on the 2020 Dallas 100 list. This prestigious recognition attests to our employees' entrepreneurial spirit and dedication to our mission to improve the reliability and resiliency of the electric grid," said GridLiance President and CEO Calvin Crowder. "During the past few years, we have strengthened our efforts to provide transmission service to underserved markets in rural communities to improve their quality of life. These efforts have allowed us to expand our footprint across the country and enhance the reliability of the transmission grid."
From 2017 to 2019, GridLiance expanded its footprint beyond Oklahoma and acquired transmission assets in Illinois, Kentucky, Missouri and Nevada. The company now owns and operates more than 700 miles of transmission lines and related substation infrastructure and has operations in the California Independent System Operator (CAISO), Southwest Power Pool (SPP) and Midcontinent Independent System Operator (MISO) regions. Reflecting the rapid growth at the company in recent years, GridLiance also was recognized by the Dallas Business Journal as the sixth fastest-growing midsize company in North Texas at its 2020 Middle Market 50 Awards.
For 30 years, the Dallas 100 has honored the ingenuity, commitment and perseverance of entrepreneurial businesses, placing the spotlight on their economic contributions. The final rankings of each company in the Dallas 100 will be announced during an awards ceremony in the spring of 2021.
About GridLiance
GridLiance is comprised of three independent electric transmission utility companies that collaborate 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-named-winner-of-2020-dallas-100-awards-by-smu-cox-caruth-institute-for-entrepreneurship-301168901.html
SOURCE GridLiance Holdco, LP

Article Date
11/9/2020
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10/14/2020 - GridLiance's N. Beth Emery Honored with Silver Stevie® Lifetime Achievement Award for Women in Business
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GridLiance's N. Beth Emery Honored with Silver Stevie® Lifetime Achievement Award for Women in Business
Source: PR Newswire
DALLAS, Oct. 14, 2020 /PRNewswire/ -- GridLiance Senior Vice President N. Beth Emery has been named a winner of a Silver Stevie® Award in the Lifetime Achievement – Business category in the 17th annual Stevie Awards® for Women in Business. A founding member of GridLiance, an independent electric transmission company, Emery has practiced law in the energy industry for more than 40 years.  
The Stevie Awards for Women in Business honor women executives, entrepreneurs, employees, and the companies they run– worldwide. The Stevie Awards have been hailed as the world's premier business awards.
In recognizing Emery's achievements, the Individual Entrepreneur and Executive Awards Judging Committee described her as a "trailblazer for women in a male-dominated field and a force for transparency and competition in energy markets." They noted that Emery is an example of how "a woman can empower many other women." The judges also cited her charitable work with the National Breast Cancer Coalition.
"I am honored to be among the many accomplished women who were recognized this year as Stevie Award winners and thrilled to be chosen for my work in the energy industry and at GridLiance," said Emery. "When we started GridLiance over six years ago, our vision was to provide transmission service to the underserved markets in rural communities to improve their quality of life. This Stevie Award reflects the importance of that mission and I share this award with my colleagues at GridLiance as well as the many women who have inspired me throughout my career."
Emery served as GridLiance's first general counsel and secretary before announcing in September that she would retire at year end. She currently serves as GridLiance's special counsel. Prior to her work at GridLiance, Emery was a national law firm partner for almost two decades. Earlier in her career, Emery served as the first general counsel for the California Independent System Operator Corporation and as the first in-house general counsel for CPS Energy, the nation's largest municipally-owned electric and gas utility at the time. She earned a Juris Doctor from Harvard Law School.
"We're extremely proud of Beth's achievements in the industry and her role in the success of GridLiance," said GridLiance President and CEO Calvin Crowder.
Gold, Silver, and Bronze Stevie Award winners were determined by the average scores of more than 180 business professionals around the world, working on seven juries. 
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.
About the Stevie Awards 
Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards The American Business Awards®, The International Business Awards®, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, and the the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliances-n-beth-emery-honored-with-silver-stevie-lifetime-achievement-award-for-women-in-business-301152426.html
SOURCE GridLiance Holdco, LP

Article Date
10/14/2020
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9/29/2020 - GridLiance Announces Agreement to Be Acquired by NextEra Energy Transmission
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GridLiance Announces Agreement to Be Acquired by NextEra Energy Transmission
Source: PR Newswire
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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-announces-agreement-to-be-acquired-by-nextera-energy-transmission-301140356.html
SOURCE GridLiance

Article Date
9/29/2020
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9/17/2020 - GridLiance Announces Appointment of Mark S. Laufman as Chief Legal Officer  and Successor to N. Beth Emery
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GridLiance Announces Appointment of Mark S. Laufman as Chief Legal Officer  and Successor to N. Beth Emery
Source: PR Newswire
DALLAS, Sept. 17, 2020 /PRNewswire/ -- Independent electric transmission utility holding company, GridLiance today announced the appointment of Mark S. Laufman as executive vice president, chief legal officer and secretary, effective immediately. Laufman succeeds N. Beth Emery, who announced her retirement  after more than 40 years of practicing law in the energy industry. To ensure a smooth transition until her retirement on December 31, 2020, Emery will serve as senior vice president, special counsel, to GridLiance.
Laufman has more than 30 years of legal experience working on energy and infrastructure transactions, including transmission and renewable energy projects. Most recently, he served in private practice working with clients on energy-related transactions. Laufman has served as an advisor to GridLiance since December 2019. Before entering private practice, Laufman was a partner at the international law firm Vinson & Elkins LLP.
"Since joining the company in a consulting capacity in December 2019, Mark has shown a strong commitment to GridLiance and our business mission to invest in and improve the reliability of the country's transmission system," said Calvin Crowder, president and CEO of GridLiance. "His deep ties in the energy industry and keen understanding of the complex laws and regulations affecting our business will be critical for us as we work to strengthen our position in the marketplace."
Following her retirement, Emery will continue to serve GridLiance as an advisor on legal and regulatory matters and pursue opportunities to serve the energy industry and other philanthropic interests on corporate or advisory boards.
"The Board of Directors, Executive Team and I thank Beth for her leadership and service to GridLiance," said Crowder. "We are grateful for her tremendous contributions to the company and are pleased that she will continue to advise us during and after this transition."
Emery was a founding member of GridLiance's leadership team in 2014. Prior to GridLiance, Emery was a national law firm partner for almost two decades. Earlier in her career, Emery also served as the first general counsel for the California Independent System Operator Corporation, and as the first in-house general counsel for CPS Energy, the nation's largest municipally-owned electric and gas utility at the time.
Complete bios of Laufman and Emery can be found on http://www.gridliance.com/leadership.
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.
 
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-announces-appointment-of-mark-s-laufman-as-chief-legal-officer--and-successor-to-n-beth-emery-301133617.html
SOURCE GridLiance

Article Date
9/17/2020
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8/28/2020 - GridLiance Recognized as One of the Middle Market 50 Fastest-Growing Midsize Companies in North Texas
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GridLiance Recognized as One of the Middle Market 50 Fastest-Growing Midsize Companies in North Texas
Source: PR Newswire
DALLAS, Aug. 28, 2020 /PRNewswire/ -- The Dallas Business Journal recently announced that GridLiance, an independent electric transmission utility holding company, has been named to the sixth annual Middle Market 50 list. GridLiance was among 23 new companies on the list, which recognizes private and public companies based in the Dallas-Fort Worth area with the highest growth percentage from 2017 to 2019 and annual revenue between $10 million and $1 billion.
This is the first time GridLiance has been included on the Middle Market 50 list. From 2017 to 2019, GridLiance closed on several acquisitions and expanded its footprint beyond Oklahoma to include Illinois, Missouri, Kentucky and Nevada. The company owns and operates hundreds of miles of transmission lines and related substation infrastructure with operations in the California Independent System Operator (CAISO), Southwest Power Pool (SPP) and Midcontinent Independent System Operator (MISO) regions.
"This recognition reflects GridLiance's ability to aggressively pursue growth opportunities and our commitment to addressing the unique needs of electric cooperatives and municipal utilities," said GridLiance President and CEO Calvin Crowder. "I am proud of our dynamic team's success in executing our long-term strategic plan to invest in and improve the reliability of the electric grid." 
The Middle Market 50 list is an annual research project that ranks companies based on a formula that includes a revenue growth percentage over a three-year period as well as other factors. The 50 companies will be honored and their rankings revealed on Wednesday, September 9, during a virtual event.
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, 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-recognized-as-one-of-the-middle-market-50-fastest-growing-midsize-companies-in-north-texas-301120445.html
SOURCE GridLiance

Article Date
8/28/2020
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8/13/2020 - Loanpal partners with Blackstone to deploy $300 million of residential solar loans in 2020
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Loanpal partners with Blackstone to deploy $300 million of residential solar loans in 2020
Source: PR Newswire
SAN FRANCISCO, Aug. 13, 2020 /PRNewswire/ -- Loanpal, LLC ("Loanpal") the nation's leader in residential solar financing, announced today that  Blackstone ("Blackstone") (NYSE: BX), through funds managed or advised by GSO Capital Partners LP ("GSO") has committed to invest in up to $300 million of residential solar loans originated and serviced on the Loanpal platform. Loanpal is the leading financier of residential solar energy in the US.  Through Loanpal's platform, GSO will provide financing for solar systems for 10,000 homeowners, dramatically decreasing the carbon footprints of their homes. 
"We are pleased to welcome Blackstone on our platform," said Tanguy Serra, President and Chief Investment Officer at Loanpal. "To solve Climate Change we need to deploy 10 trillion dollars in the US to replace fossil fuel sources of energy. As opposed to fossil fuel based energy, renewable power has no feedstock and no ongoing costs so all that matters are the upfront capital expense and solving for scale deployment. As one of the largest asset managers in the world, Blackstone is an ideal partner for Loanpal. Climate Change will get solved by deploying billions of dollars per month at stable returns over the next decade."
"We are excited to partner with Loanpal, a leading originator of consumer solar assets with an exceptional management team. Our investment will enable Loanpal to continue to expand throughout the United States, and we believe represents an attractive opportunity for our investors to earn compelling risk-adjusted returns and invest in growing demand for renewable energy," said Rob Camacho, Senior Managing Director and Co-Head of GSO's Structured Products group, and Rob Horn, Senior Managing Director and Co-Head of GSO's Energy group.
Loanpal, a fintech company leveraging its deep expertise in technology, data and lending to make clean energy products more accessible for homeowners, gives financial partners and solar installers the confidence to finance residential solar systems and help combat climate change with sustainable products.  Loanpal partners with credit unions, insurance companies, banks and asset managers to offer $0 down payment options.  Loanpal has transacted over 130,000 residential solar systems on its technology platform allowing the production of over 1 Tera Watt Hour of carbon free energy per year.
About Loanpal
Loanpal is the nation's leading technology platform for residential solar loans. The company is committed to delivering a tech-enabled lending experience that is simple, fast and frictionless, resulting in instant approvals at the point of sale. Loanpal's platform connects financial institutions to high-quality borrowers for energy solutions that make a positive impact on the planet.  Loanpal has helped 130,000 customers add solar to their homes and has transacted $4.0 billion on its platform.  Loanpal is a proud partner of GivePower, a 5013c corporation, whose mission is to build and deploy solar-powered clean water and energy systems to communities in need around the world.  To learn more about Loanpal, visit, follow and connect with us at www.loanpal.com, @loanpal, and Linkedin.
About GSO
GSO Capital Partners LP is the global credit investment platform of Blackstone. Our credit segment, which consists principally of GSO, has approximately $138 billion of assets under management. GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies. Its funds are major providers of credit for small and middle-market companies and they also advance rescue financing to help distressed companies.  
Contact:  press@loanpal.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/loanpal-partners-with-blackstone-to-deploy-300-million-of-residential-solar-loans-in-2020-301112196.html
SOURCE Loanpal

Article Date
8/13/2020
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4/15/2020 - GridLiance Announces Executive Promotions
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GridLiance Announces Executive Promotions
Source: PR Newswire
DALLAS, April 15, 2020 /PRNewswire/ -- GridLiance, an independent electric transmission utility company, today announced the following key executive promotions to support the company's next stages of growth. Justin M. Campbell has been named executive vice president, chief development officer; Alison Zimlich has been named executive vice president, chief financial officer; Michael Landgraf has been named vice president, corporate development and president, GridLiance West; and, Joe Loner has been named vice president, finance and treasurer.
"This is an exciting time for GridLiance as we continue to expand our footprint and execute our strategic business plan. These well-deserved promotions are a testament to Justin's and Alison's work to support those efforts as members of the executive leadership team. I am also excited to recognize Joe and Michael for their contributions to the company," said Calvin Crowder, president and CEO of GridLiance. "All have made vital contributions to our organization in areas that are critical to our continued growth and success."
Campbell joined the company as president of GridLiance West, the company's subsidiary with assets in the California Independent System Operator region, in May 2017. He assumed the additional role of senior vice president, chief development officer in November 2017. Since that time, he has been instrumental in overseeing the company's growth initiatives, including asset acquisitions, joint development arrangements, and transmission planning. 
In his new role, Landgraf succeeds Campbell as president of GridLiance West. Landgraf, who joined GridLiance in 2019 as a director of corporate development, will oversee GridLiance West's operational and financial performance and transmission development. Under Landgraf's leadership, GridLiance will continue to promote common sense transmission infrastructure development necessary for continued renewable energy development in Southern Nevada and required for California to achieve its greenhouse gas reduction targets.
In her expanded role, Zimlich will oversee GridLiance's enterprise risk management and compliance functions and continue to manage the finance, accounting and human resources departments for GridLiance. Zimlich joined GridLiance in November 2017 as senior vice president, chief financial officer and treasurer.
Loner succeeds Zimlich as treasurer of the company. He joined GridLiance as vice president, finance in April 2018. In his expanded role as treasurer, Loner will be responsible for debt financings, tax structuring and compliance and treasury operations.
"Justin has demonstrated strong leadership in helping the company focus on our growth initiatives and leading our transmission planning effort, while Michael's success in business development has prepared him well to execute on our business strategy in the West," Crowder added. "In finance, Alison has been a tremendous asset to the organization, securing investment-grade credit ratings, $250 million in debt financing to fund GridLiance's growth and building out our finance department. Joe has been a strong partner to Alison and has excelled in leading our financial planning and analysis function and played a significant role in executing the company's financings and establishing its investment-grade credit ratings."
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 over 600 miles of transmission lines and related substation facilities in Illinois, 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-announces-executive-promotions-301041096.html
SOURCE GridLiance

Article Date
4/15/2020
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3/2/2020 - GridLiance Acquires Electric Transmission Assets from Electric Energy, Inc.
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GridLiance Acquires Electric Transmission Assets from Electric Energy, Inc.
Source: PR Newswire
DALLAS, March 2, 2020 /PRNewswire/ -- GridLiance, an independent electric transmission utility holding company, announced today that its subsidiary, GridLiance Heartland, closed the acquisition of high voltage transmission lines interconnected to the Joppa Generating Station in Illinois from Electric Energy, Inc. (EEI).
"This acquisition furthers GridLiance's mission to be a leading transmission owner and strengthens our strategic positioning in the marketplace," said Calvin Crowder, president and CEO of GridLiance. "The addition of these assets expands our footprint across the country to include the Midcontinent Independent System Operator, Inc. (MISO) Regional Transmission Organization."
GridLiance Heartland acquired six 161-kV transmission lines that cross the Ohio River and related substation infrastructure. In addition, six EEI transmission system operators joined GridLiance to help manage the operation of its newly acquired transmission assets.
"We welcome our newest employees to the team," Crowder said, adding, "We are excited about our future as a transmission operator in MISO and are looking at other opportunities where we can support power generators and transmission owners and improve the reliability and resiliency of the grid."   
GridLiance currently owns and operates hundreds of miles of transmission lines and related substation infrastructure with operations in the California Independent System Operator (CAISO), Southwest Power Pool (SPP) and MISO markets.
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 over 600 miles of transmission lines and related substation facilities in Illinois, 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.


View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-acquires-electric-transmission-assets-from-electric-energy-inc-301014527.html
SOURCE GridLiance

Article Date
3/2/2020
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1/14/2020 - Altus Power Teams Up With Blackstone to Raise $850MM for Solar Development and Investment
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Altus Power Teams Up With Blackstone to Raise $850MM for Solar Development and Investment
Source: PR Newswire
GREENWICH, Conn., Jan. 14, 2020 /PRNewswire/ -- Altus Power America, Inc. ("Altus Power" or the "Company"), a market-leading solar power company that provides clean electricity to commercial, industrial and municipal clients across the U.S., announced today that Blackstone (NYSE: BX), through its GSO Capital Partners LP ("GSO") and Blackstone Insurance Solutions ("BIS") groups, has led a recapitalization with $850 million of funded and committed capital to refinance the existing capital structure and fund future development. 
The recapitalization consists of preferred and minority equity and investment grade-rated debt financing provided by GSO and a BIS-led consortium, respectively, and a construction-to-term loan facility from a syndicate of commercial banks, providing Altus Power with sufficient capital to grow its portfolio to over $1 billion of commercial and industrial solar assets.     
Altus Power is experiencing significant growth in demand from its private and public clients for locally sited solar arrays – in many instances in combination with battery storage – that are capable of producing energy savings for off-takers, creating rent payments for real estate owners, and helping its clients meet corporate sustainability goals. To meet this demand, Altus Power and Blackstone have created a partnership that solidifies Altus Power's position as one of the most competitive solar power companies in the industry. The recapitalization includes one of the first ever privately rated investment-grade financings comprised solely of commercial and industrial distributed solar assets.
"We're incredibly enthusiastic to be partnering with Blackstone as we position our business for accelerating growth. By providing Altus with a full capital structure solution, including investment-grade rated permanent senior financing, Blackstone is empowering Altus to be one of the most competitive capital partners in distributed generation solar," said Gregg Felton, Managing Partner of Altus Power.  
"We are excited to partner with Altus, a leading developer and operator of solar assets with a best in class management team. Our investment will enable Altus to meet growing demand for low cost, renewable energy in North America and we believe represents an attractive opportunity for our investors," said Robert Horn, Senior Managing Director of Blackstone and Co-Head of GSO's Energy Group.
About Altus Power
Altus Power is a market-leading solar power company based in Greenwich, Connecticut that provides clean electricity to commercial, industrial and municipal clients across the U.S.  Since its founding in 2009, Altus has developed or acquired more than 130 distributed generation solar facilities totaling in excess of 180 megawatts from Vermont to Hawaii. Visit www.altuspower.com to learn more.  
About GSO Capital Partners
GSO is one of the world's largest credit-oriented alternative asset managers with approximately $121 billion in total assets under management as of September 30, 2019.  GSO's team of 391 professionals constitutes one of the largest in the industry, with a deep reservoir of credit expertise and experience across a range of market cycles, further enhanced by access to Blackstone's global resources and perspective. GSO's scale and expertise allow it to provide financing solutions that enhance a corporation's financial flexibility, while capturing opportunities for investors.  The solutions GSO offers draw upon a range of non-investment grade investments such as leveraged loans, high yield bonds, distressed debt, mezzanine lending and rescue financing.
About Blackstone Insurance Solutions
Blackstone Insurance Solutions manages assets for insurance company clients, including affiliates of Blackstone and third-party insurers.  The BIS team leverages Blackstone's leading investment platforms including private credit, private equity, real estate and hedge funds to deliver tailored solutions that meet insurers' unique objectives. 
Media: Contact Altus Power at 203.698.0090 or bizdev@altuspower.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/altus-power-teams-up-with-blackstone-to-raise-850mm-for-solar-development-and-investment-300986194.html
SOURCE Altus Power America, Inc.

Article Date
1/14/2020
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11/20/2019 - GridLiance Is Joined by California and Nevada Officials to Celebrate the Commissioning of the Sloan Canyon Switching Station
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GridLiance Is Joined by California and Nevada Officials to Celebrate the Commissioning of the Sloan Canyon Switching Station
Source: PR Newswire
BOULDER CITY, Nev., Nov. 19, 2019 /PRNewswire/ -- The GridLiance 230-kV Sloan Canyon Switching Station, located approximately 40-miles outside of Las Vegas in Boulder City, Nevada was officially commissioned today. California and Nevada state, federal land agency, and local officials, renewable energy developers, and executives from GridLiance and its parent company, Blackstone, ceremonially threw the switch to mark the occasion.
The Sloan Canyon Switching Station is part of the independent electric transmission utility's 16-month, approximately $50 million transmission improvement project, which also includes the construction of a 3-mile transmission line that connects the GridLiance transmission system into the California Independent System Operator (CAISO) region.
"While this is a major achievement for GridLiance, this also marks an important step in facilitating additional renewable energy development in Southwest Nevada. The switching station and transmission line serve as a key pathway to undeveloped sites that have been designated by CAISO as suitable for large-scale photovoltaic solar systems," said Calvin Crowder, president and CEO of GridLiance. "The transmission improvement project is also a great example of federal government agencies and private companies partnering on the development of clean energy sources throughout the country."
Located in Clark County, Nevada, the switching station and high-voltage transmission upgrades improve the regional electric system's reliability and resiliency.
Boulder City Mayor Kiernan McManus added, "We are pleased to welcome GridLiance to the energy production zone in Boulder City, Nevada.  The Sloan Canyon Project will provide additional connections to the power transmission grid that are vital to the effective use of renewable energy in the Southwest.  Boulder City was built as the home of Hoover Dam and our tradition in leading the way for renewable energy is further enhanced by the work that GridLiance is completing."
In 2017, GridLiance subsidiary GridLiance West acquired 165 miles of 230-kV transmission lines and related substation infrastructure from Valley Electric Association (VEA). The company also acquired the rights to the Sloan Canyon Improvement Project from VEA.
"Valley Electric congratulates GridLiance West on the Sloan Canyon project. This new 230-kV switching station and 230-kV transmission line will encourage more renewable energy projects and will enhance the transmission grid's reliability to VEA and Southern Nevada," said Kathleen Keyes, President of the Valley Electric Association, Inc. Board. "This project is one of the many ways that Blackstone and GridLiance are adding value to their partnership with Valley Electric as well as to the communities that VEA serves."
About GridLiance
GridLiance is an independent electric transmission utility holding company. GridLiance partners with electric cooperatives, public power, and renewable energy developers to plan for the future of the grid, invest in electric infrastructure and implement strategies that meet its partners' ownership, capital investment, and operational goals. Based in Dallas, GridLiance operates hundreds of miles of transmission lines and related substation facilities in Nevada, Missouri, and Oklahoma. The company has long-term partnerships with utility partners operating in Missouri, Oklahoma, Nevada, and Kansas. 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-is-joined-by-california-and-nevada-officials-to-celebrate-the-commissioning-of-the-sloan-canyon-switching-station-300961475.html
SOURCE GridLiance Holdco, LP

Article Date
11/20/2019
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10/1/2019 - GridLiance Receives Approval to Acquire Majority Stake in City of Winfield Transmission Assets
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GridLiance Receives Approval to Acquire Majority Stake in City of Winfield Transmission Assets
Source: PR Newswire
DALLAS and WINFIELD, Kan., Oct. 1, 2019 /PRNewswire/ -- GridLiance, an independent transmission company, the Kansas Power Pool (KPP), and the City of Winfield, recently received final state regulatory approval from the Kansas Corporation Commission (KCC) of a long-term partnership agreement to jointly-own and improve the city's transmission facilities within the Southwest Power Pool regional transmission organization.
The City of Winfield owns 256 miles of local electric distribution lines, 38 megawatts of generation and 29 miles of electric transmission lines. Under the terms of the agreement, GridLiance subsidiary GridLiance High Plains will acquire a 65 percent ownership stake in the 29-miles of Winfield's 69-kV transmission system and invest in needed reliability upgrades. City of Winfield employees will continue to perform operations and maintenance field services for the jointly owned transmission facilities.
"We are pleased that the KCC recognizes the important benefits of the partnership between GridLiance and Winfield," said Calvin Crowder, president and CEO of GridLiance. "We are excited to take the next step in partnering with Winfield and KPP to improve both regional and local transmission grids. Upon close, we will immediately begin work on needed reliability upgrades in the Winfield area."
The transaction marks GridLiance's first joint-ownership agreement with a municipal electric utility. This transaction also is the first developed under a co-development agreement between GridLiance and the Kansas Power Pool (KPP).
"We were thrilled to see the KCC approve the joint-partnership and, importantly, recognize the benefits of the transaction for the Winfield community. Through this transaction, Winfield gains an able partner in the long-term stewardship of our electric transmission assets. We are able to increase our focus on operating and owning our generation and local electric distribution system while maintaining ownership in the transmission system," said Winfield Mayor Ron Hutto. "We have provided reliable public power to our customers for more than 100 years, and this partnership with GridLiance strengthens our efforts to provide that same level of quality service into the future."
"Our partnership strategy with GridLiance is indicative of how KPP is meeting its mission to help our members meet their future energy needs. Working together we are unlocking the value of Winfield's existing electric transmission assets," said Mark Chesney, CEO and General Manager of KPP. "We are convinced that GridLiance's transmission capabilities and commitment to Winfield will ensure greater transmission system reliability and resiliency for the Winfield community."
The transaction is subject to customary federal approvals and is expected to close by the end of 2019.
About the City of Winfield
The City of Winfield is a full-service City that was incorporated in 1873. Currently, Winfield supplies electricity to approximately 8,100 customers. The Cities of Winfield, Burden, Dexter as well as Strother Field Industrial Park and much of the rural area of northern Cowley County receives electric service from the City. The City of Winfield is proud to operate one of the more than 2,000 American Public Power community-owned electric utilities and is a member of the Kansas Power Pool. The City's electric utility has served the Winfield area since 1904.
About Kansas Power Pool
The Kansas Power Pool is a municipal energy agency created under Kansas statutes with the expressed purpose of providing energy and transmission services for its member / owner municipal electric utilities since 2005.
About GridLiance
GridLiance is an independent electric transmission utility holding company. GridLiance partners with electric cooperatives, public power, and renewable energy developers to plan for the future of the grid, invest in electric infrastructure and implement strategies that meet its partners' ownership, capital investment, and operational goals. Based in Dallas, GridLiance operates hundreds of miles of transmission lines and related substation facilities in Nevada, Missouri, and Oklahoma. The company has long-term partnerships with utility partners operating in Missouri, Oklahoma, Nevada, Texas, and Kansas. 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.
 
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-receives-approval-to-acquire-majority-stake-in-city-of-winfield-transmission-assets-300929158.html
SOURCE GridLiance

Article Date
10/1/2019
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8/1/2019 - GridLiance Closes $185 Million Debt Financing
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GridLiance Closes $185 Million Debt Financing
Source: PR Newswire
DALLAS, Aug. 1, 2019 /PRNewswire/ -- GridLiance, an independent electric transmission company, today announced that its subsidiary, GridLiance Western Holdings, and transmission company, GridLiance West, closed on two new revolving credit facilities with commitments totaling $185 million. The new five-year $80 million revolving credit facility for GridLiance Western Holdings and $105 million five-year revolving credit facility at GridLiance West will be used to repay current debt and related transaction costs while creating significant financial capacity and flexibility to support GridLiance's growth objectives.
"We are excited to have completed this financing, which increases our financial flexibility and provides cost-efficient capital to support our growth plans," said Calvin Crowder, president and CEO of GridLiance. "This achievement reflects GridLiance's financial discipline and strong execution on our mission to invest in collaborative transmission solutions and long-term partnerships. Through acquisition and organic growth, we have expanded our portfolio of assets, and this additional financing will help us to continue to grow."
The lead arranger for the credit facilities was KeyBanc Capital Markets Inc. KeyBank National Association serves as administrative agent, LC issuing bank and collateral agent. Also participating in the facilities are CoBank, ACB and National Cooperative Services Corporation, an affiliate of National Rural Utilities Cooperative Finance Corporation.
Fitch Ratings, Inc. recently published investment-grade issuer ratings for GridLiance.  Fitch assigned GridLiance West an "A-" rating, with a stable outlook, and assigned GridLiance Western Holdings a "BBB" rating, with a stable outlook.
"We are pleased to receive these investment-grade ratings from Fitch, which further reflects GridLiance's strong operating and financial performance," Crowder added.
About GridLiance
GridLiance is an independent electric transmission utility holding company. GridLiance partners with electric cooperatives, public power, and renewable energy developers to plan for the future of the grid, invest in electric infrastructure and implement strategies that meet its partners' ownership, capital investment, and operational goals. Based in Dallas, GridLiance operates hundreds of miles of transmission lines and related substation facilities in Nevada, Missouri, and Oklahoma. The company has long-term partnerships with utility partners operating in Missouri, Oklahoma, Nevada, Texas, and Kansas. 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.
 
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-closes-185-million-debt-financing-300895068.html
SOURCE GridLiance

Article Date
8/1/2019
Close
7/8/2019 - GridLiance Expands Executive Team with Appointment of Richard Evans as Senior Vice President of Capital Execution
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GridLiance Expands Executive Team with Appointment of Richard Evans as Senior Vice President of Capital Execution
Source: PR Newswire
DALLAS, July 8, 2019 /PRNewswire/ -- GridLiance, an independent electric transmission company, today announced the appointment of Richard Evans as senior vice president of capital execution, effective July 16, 2019. Evans will report directly to GridLiance President and CEO Calvin Crowder and serve as a member of the company's executive team. Evans will be responsible for all capital programs for the company as GridLiance expands its national footprint and invests in improving the reliability and resiliency of the grid.
"I am thrilled to welcome Richard to the GridLiance team to manage the company's ongoing capital programs as we invest in collaborative transmission solutions and long-term partnerships," said Crowder. "Bringing more than 30 years of relevant experience to the role, Richard is the ideal leader for this newly established department and to build upon our existing capabilities and strengths."
Evans joins GridLiance from Panda Power Funds, where he served most recently as senior vice president of engineering and construction. In the past seven years, he has overseen the construction and commissioning of approximately six gigawatts of large-scale combined cycle gas power plants across seven sites in Texas, Pennsylvania, and Virginia. Prior to that role, he rose through the ranks at Panda Power Funds from director of project development and construction to senior vice president of project development before being promoted to his most recent role. Evans also previously worked in a variety of project construction roles for Kier Group plc, a UK construction, services, and property group.
"I am pleased to be joining GridLiance as the company continues to grow its transmission assets and looks to improve the reliability and resiliency of the grid. I am excited to be a part of those efforts and look forward to working with my team to build a best-class capital execution department that will help us improve the grid," Evans said.
About GridLiance
GridLiance is an electric transmission utility holding company. Based in Dallas, Texas, GridLiance is a portfolio company of Blackstone Energy Partners, an affiliate of Blackstone (NYSE:BX), a leading energy infrastructure investor. GridLiance partners with electric cooperatives, municipal utilities, irrigation districts, and renewable energy developers to invest in electric infrastructure and implement strategies that meet its partners' ownership, capital investment, and operational goals. GridLiance currently operates hundreds of miles of transmission lines and related substation facilities in Nevada, Missouri, and Oklahoma. The company has long-term partnerships with utility partners operating in Illinois, Kansas, Missouri, Nevada, Oklahoma, and Texas, and is negotiating new arrangements with utilities in several other states. For more information about GridLiance, visit gridliance.com.
 
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-expands-executive-team-with-appointment-of-richard-evans-as-senior-vice-president-of-capital-execution-300880759.html
SOURCE GridLiance

Article Date
7/8/2019
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1/29/2019 - GridLiance and City of Winfield Announce Transmission Partnership
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GridLiance and City of Winfield Announce Transmission Partnership
Source: PR Newswire
DALLAS and WINFIELD, Kan., Jan. 29, 2019 /PRNewswire/ -- GridLiance, an independent transmission company, and the City of Winfield, Kansas today announced a long-term partnership to jointly-own and improve the city's transmission facilities. Under the agreement, GridLiance will acquire a 65 percent ownership stake in 29-miles of Winfield's 69-kV transmission line and terminal equipment within five substations and invest in a needed reliability upgrade. Winfield will continue to perform operations and maintenance field services for the jointly-owned transmission facilities.
"We are delighted to be partnering with the City of Winfield and Kansas Power Pool (KPP) on this acquisition and the transmission upgrades, which support GridLiance's mission to invest in transmission infrastructure and improve grid reliability," said Calvin Crowder, president and CEO of GridLiance. "This acquisition emphasizes our capabilities in working with municipal electric utilities to develop solutions that can address their unique financial, reliability, and transmission operational needs."
"We are excited to be working with GridLiance on this transaction, which will benefit our entire community," said Winfield Mayor Ron Hutto. "While we will continue to own a 35 percent stake in these transmission facilities, GridLiance will provide a partner to share in the significant financial responsibility for future upgrades and operations and maintenance, while providing Winfield with the financial flexibility to invest in transmission upgrades at our option. This ensures we will be able to improve the reliability of our electric transmission infrastructure while allowing us to focus our financial resources on our generation and distribution assets. It is important for our citizens to know that it will continue to be Winfield employees, in Winfield trucks, working on the transmission system that service Winfield's customers."

This is the first transaction developed under a co-development agreement between the Kansas Power Pool (KPP) and GridLiance to advance transmission projects for KPP and its member cities, which includes Winfield.
"Working with GridLiance is consistent with our municipal mission and values. In implementing our partnership strategy and moving forward with this transaction, we are addressing Winfield's transmission-related financial, reliability and resiliency issues for the benefit of Winfield customers," said Mark Chesney, CEO and General Manager of KPP.
The transaction is subject to customary federal and state regulatory approvals and is expected to close by the end of 2019.
About the City of Winfield
The City of Winfield is a full-service City that was incorporated in 1873. Currently, Winfield supplies electricity to approximately 8,100 customers. The Cities of Winfield, Burden, Dexter as well as Strother Field Industrial Park and much of the rural area of northern Cowley County receives electric service from the City. The City of Winfield is proud to operate one of the more than 2,000 American Public Power community-owned electric utilities, and is a member of the Kansas Power Pool. The City's electric utility has served the Winfield area since 1904.
About Kansas Power Pool
The Kansas Power Pool is a municipal energy agency created under Kansas statutes with the expressed purpose of providing energy and transmission services for its member / owner municipal electric utilities since 2005.
About GridLiance
GridLiance is an electric transmission utility holding company. Based in Dallas, Texas, GridLiance is a portfolio company of Blackstone Energy Partners, an affiliate of Blackstone (NYSE: BX), a leading energy infrastructure investor. GridLiance partners with electric cooperatives, municipal utilities, irrigation districts, and renewable energy developers to invest in electric infrastructure and implement strategies that meet its partners' ownership, capital investment, and operational goals. GridLiance currently operates hundreds of miles of transmission lines and related substation facilities in Nevada, Missouri, and Oklahoma. The company has long-term partnerships with utility partners operating in Illinois, Kansas, Missouri, Nevada, Oklahoma, and Texas, and is negotiating new arrangements with utilities in several other states. For more information about GridLiance, visit gridliance.com.
 
View original content to download multimedia:http://www.prnewswire.com/news-releases/gridliance-and-city-of-winfield-announce-transmission-partnership-300786320.html
SOURCE GridLiance; City of Winfield; Kansas Power Pool

Article Date
1/29/2019
Close
1/30/2017 - AEP Completes Sale of Four Competitive Power Plants
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AEP Completes Sale of Four Competitive Power Plants
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
COLUMBUS, Ohio, Jan. 30, 2017 /PRNewswire/ -- American Electric Power (NYSE: AEP) today completed the sale of four competitive power plants to Lightstone Generation LLC, a joint venture of Blackstone (NYSE: BX) and an affiliate of ArcLight Capital Partners LLC (ArcLight), for approximately $2.1 billion.  
AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation. The sale includes 5,200 megawatts of generation all located in the region served by the PJM Interconnection:
• Lawrenceburg Generating Station, 1,186 MW natural gas, Lawrenceburg, Indiana
• Waterford Energy Center, 840 MW natural gas, Waterford, Ohio
• Darby Generating Station, 507 MW natural gas, Mount Sterling, Ohio
• Gen. James M. Gavin Plant, 2,665 MW coal, Cheshire, Ohio
AEP will net approximately $1.2 billion in cash after taxes, repayment of debt associated with these assets and transaction fees. The company is investing the proceeds from the sale in its regulated businesses, including transmission and contracted renewable projects.
AEP recorded an after-tax gain, subject to customary true-ups, of approximately $130 million from the sale.
American Electric Power is one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. AEP owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP also operates 224,000 miles of distribution lines. AEP ranks among the nation's largest generators of electricity, owning approximately 31,000 megawatts of generating capacity in the U.S. AEP also supplies 3,200 megawatts of renewable energy to customers. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.
This report made by American Electric Power and its Registrant Subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and each of its Registrant Subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: the economic climate, growth or contraction within and changes in market demand and demographic patterns in AEP's service territory; inflationary or deflationary interest rate trends; volatility in the financial markets, particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt; the availability and cost of funds to finance working capital and capital needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material; electric load, customer growth and the impact of competition, including competition for retail customers; weather conditions, including storms and drought conditions, and AEP's ability to recover significant storm restoration costs; the cost of fuel and its transportation and the creditworthiness and performance of fuel suppliers and transporters; availability of necessary generating capacity and the performance of AEP's generating plants; AEP's ability to recover fuel and other energy costs through regulated or competitive electric rates; AEP's ability to build transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms and to recover those costs; new legislation, litigation and government regulation, including oversight of nuclear generation, energy commodity trading and new or heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances that could impact the continued operation, cost recovery, and/or profitability of AEP's generation plants and related assets; evolving public perception of the risks associated with fuels used before, during and after the generation of electricity, including nuclear fuel; a reduction in the federal statutory tax rate that could result in an accelerated return of deferred federal income taxes to customers; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance; resolution of litigation; AEP's ability to constrain operation and maintenance costs; AEP's ability to develop and execute a strategy based on a view regarding prices of electricity and gas; prices and demand for power generated and sold at wholesale; changes in technology, particularly with respect to energy storage and new, developing, alternative or distributed sources of generation; AEP's ability to recover through rates or market prices any remaining unrecovered investment in generating units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for capacity and electricity, coal, and other energy-related commodities, particularly changes in the price of natural gas and capacity auction returns; changes in utility regulation and the allocation of costs within regional transmission organizations, including ERCOT, PJM and SPP; the market for generation in Ohio and PJM and the ability to recover investments in Ohio generation assets; AEP's ability to successfully and profitably manage competitive generation assets, including the evaluation and execution of strategic alternatives for these assets as some of the alternatives could result in a loss; changes in the creditworthiness of the counterparties with whom AEP has contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in the ratings of AEP debt; the impact of volatility in the capital markets on the value of the investments held by AEP's pension, other postretirement benefit plans, captive insurance entity and nuclear decommissioning trust and the impact of such volatility on future funding requirements; accounting pronouncements periodically issued by accounting standard-setting bodies; and other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, cyber security threats and other catastrophic events.
SOURCE American Electric Power

Article Date
1/30/2017
Close
9/14/2016 - AEP To Sell Four Competitive Power Plants To Blackstone And ArcLight Joint Venture
X
AEP To Sell Four Competitive Power Plants To Blackstone And ArcLight Joint Venture
Source: PR Newswire
COLUMBUS, Ohio, Sept. 14, 2016 /PRNewswire/ -- American Electric Power (NYSE: AEP) has signed an agreement to sell four competitive power plants totaling approximately 5,200 megawatts (MW) for approximately $2.17 billion to a newly formed joint venture of Blackstone (NYSE: BX) and ArcLight Capital Partners LLC (ArcLight).
The sale agreement includes:
• Lawrenceburg Generating Station, 1,186 MW natural gas, Lawrenceburg, Indiana
• Waterford Energy Center, 840 MW natural gas, Waterford, Ohio
• Darby Generating Station, 507 MW natural gas, Mount Sterling, Ohio
• Gen. James M. Gavin Plant, 2,665 MW coal, Cheshire, Ohio
AEP announced in January 2015 that the company was exploring strategic alternatives for these power plants, including a potential sale. All of this generating capacity is located in the region served by the PJM Interconnection. 
"AEP's long-term strategy has been to become a fully regulated, premium energy company focused on investment in infrastructure and the energy innovations that our customers want and need. This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets," said Nicholas K. Akins, AEP chairman, president and chief executive officer.
"Our employees have done an incredible job operating these power plants in PJM, and I'm confident that they will contribute to the future success of Blackstone and ArcLight. We will continue to operate these plants safely in the coming months while working closely with the Blackstone and ArcLight teams to obtain the regulatory approvals necessary to complete the sale. We also will be working with employees and community leaders to ensure a smooth transition," Akins said.  
"Blackstone and ArcLight are two of the leading private equity funds focused on energy infrastructure, with significant investments and experience owning and operating power generation in North America and Europe. Combined they have owned and operated more than 38,000 megawatts of power generation globally, including operations in the PJM Interconnection, New York ISO and Electric Reliability Council of Texas competitive markets in the United States," Akins said. 
The sale is expected to close in the first quarter of 2017. AEP expects to net approximately $1.2 billion in cash after taxes, repayment of debt associated with these assets and transaction fees. The company is evaluating options and will share details about its plans for investment of the proceeds from this transaction at an analyst day Nov. 1. These plans may involve reinvestment in its regulated businesses, including transmission; renewable projects; additional debt retirement; and share buybacks.
AEP expects to record an after-tax gain of approximately $140 million from the sale, subject to inventory true-ups, income tax and other adjustments.
The sale is subject to regulatory approvals from the Federal Energy Regulatory Commission, the Indiana Utility Regulatory Commission and federal clearance pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Goldman Sachs and Co. served as AEP's lead financial advisor for the strategic evaluation of these assets. Citigroup Global Markets Inc. also served as a financial advisor for AEP during the process. Simpson Thacher and Bartlett served as legal counsel.
AEP owns 2,677 MW of additional competitive generation in Ohio. The company is continuing an independent strategic evaluation of that generation while also working on the restructuring of Ohio electricity regulations to allow those assets to be acquired by AEP Ohio for the benefit of its customers. AEP also is continuing a separate strategic review of its 48 MW hydroelectric Racine Plant in Racine, Ohio.
American Electric Power is one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. AEP owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP also operates 224,000 miles of distribution lines. AEP ranks among the nation's largest generators of electricity, owning approximately 31,000 megawatts of generating capacity in the U.S. AEP also supplies 3,200 megawatts of renewable energy to customers. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.
This report made by American Electric Power and its Registrant Subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and each of its Registrant Subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: the economic climate, growth or contraction within and changes in market demand and demographic patterns in AEP's service territory; inflationary or deflationary interest rate trends; volatility in the financial markets, particularly developments affecting the availability of capital on reasonable terms and developments impairing AEP's ability to finance new capital projects and refinance existing debt at attractive rates; the availability and cost of funds to finance working capital and capital needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material; electric load, customer growth and the impact of competition, including competition for retail customers; weather conditions, including storms and drought conditions, and AEP's ability to recover significant storm restoration costs; the costs of, and transportation for, fuels and the creditworthiness and performance of fuel suppliers and transporters; availability of necessary generating capacity and the performance of AEP's generating plants; AEP's ability to recover fuel and other energy costs through regulated or competitive electric rates; AEP's ability to build transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms and to recover those costs; new legislation, litigation and government regulation, including oversight of nuclear generation, energy commodity trading and new or heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances, or additional regulation of fly ash and similar combustion products that could impact the continued operation, cost recovery, and/or profitability of AEP's generation plants and related assets; evolving public perception of the risks associated with fuels used before, during and after the generation of electricity, including nuclear fuel; a reduction in the federal statutory tax rate that could result in an accelerated return of deferred federal income taxes to customers; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance; resolution of litigation; AEP's ability to constrain operation and maintenance costs; AEP's ability to develop and execute a strategy based on a view regarding prices of electricity and other energy-related commodities; prices and demand for power that AEP generates and sells at wholesale; changes in technology, particularly with respect to new, developing, alternative or distributed sources of generation; AEP's ability to recover through rates or market prices any remaining unrecovered investment in generating units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for capacity and electricity, coal, and other energy-related commodities, particularly changes in the price of natural gas and capacity auction returns; changes in utility regulation and the allocation of costs within regional transmission organizations, including ERCOT, PJM and SPP; the transition to market for generation in Ohio, including the implementation of ESPs and AEP's ability to recover investments in its Ohio generation assets; AEP's ability to successfully and profitably manage its separate competitive generation assets; changes in the creditworthiness of the counterparties with whom AEP has contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in the ratings of AEP debt; the impact of volatility in the capital markets on the value of the investments held by AEP's pension, other postretirement benefit plans, captive insurance entity and nuclear decommissioning trust and the impact of such volatility on future funding requirements; accounting pronouncements periodically issued by accounting standard-setting bodies; and other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, cyber security threats and other catastrophic events.
SOURCE American Electric Power

Article Date
9/14/2016
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