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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.