PGE is snapping up PacifiCorp’s Washington business for $1.9B as its rival sheds assets to pay legal bills. (KGW)
In a joint venture with Manulife Investment Management (which is taking a 49% stake), PGE will acquire 140K customers, 4,500 miles of transmission lines, and key generation assets including the Chehalis natural gas plant and two wind facilities.
The sale provides a cash infusion for PacifiCorp, which is facing growing financial pressure from the 2020 Labor Day wildfires in Oregon (already, it’s reached nearly $1.6B in settlements).