Portland General Electric Acquires PacifiCorp's Washington Assets for $1.9 Billion
Portland General Electric (PGE) has partnered with Manulife Investment Management to acquire select generation and utility operations in Washington from PacifiCorp for $1.9 billion. The deal includes three generation facilities and extensive transmission and distribution lines, serving approximately 140,000 customers. This acquisition allows PGE to expand its operations beyond Oregon and aims to improve financial stability for PacifiCorp amid regulatory pressures. The transaction is expected to finalize within a year.
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Portland General Electric (PGE) will acquire select Washington state utility assets from PacifiCorp for $1.9 billion, with backing from Manulife Investment Management. The deal encompasses three generation facilities: a 477-MW natural gas plant in Chehalis, a 94-MW wind farm at Goodnoe Hills, and 234-MW Marengo I and II wind facilities, along with 4,500 miles of transmission and distribution lines serving about 140,000 customers.
The acquisition is expected to enhance PGE's customer base by approximately 15% and simplify PacifiCorp's operations across six states. The transaction is anticipated to finalize within a year, allowing PGE to continue investments in renewable energy and support growing customer demand.
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