GridLiance to Acquire Transmission Assets from Electric Energy
GridLiance announced it recently signed an agreement to acquire six 161-kV transmission lines that cross the Ohio River and related transmission equipment from Electric Energy, Inc. (EEI) located at the Joppa Generating Station in Illinois.
“This acquisition represents an important milestone for GridLiance and the execution of our strategy to own, operate, and invest in transmission assets,” said Calvin Crowder, president and CEO of GridLiance. “This is our first transaction where we were able to partner with a competitive integrated power company to unlock the value of its existing transmission assets. The transaction allows us to expand our national footprint and provides us with a platform for operating in the Midcontinent Independent System Operator, Inc. (MISO) Regional Transmission Organization.”
The acquisition is expected to close during the second quarter of calendar year 2019, subject to customary federal and state regulatory approvals. Upon close, the six EEI transmission operations employees currently at the site will join GridLiance.
“We look forward to closing the transaction and welcoming the transmission operations employees to GridLiance,” Crowder added.
This is GridLiance’s second announced acquisition in 2018. In July, the company announced that it had entered into a definitive agreement with People’s Electric Cooperative to purchase its transmission assets in Ada, Oklahoma, further expanding its operations in the state. GridLiance currently owns and operates approximately 600 miles of transmission lines and related substations nationwide.