Pacific Gas & Electric announced plans on Tuesday to sell a minority stake in its power-generation business, part of its strategy to reduce electricity rates, continue wildfire prevention and further develop clean energy.
The exclusive deal with the global investment firm KKR is part of PG&E’s plan to transfer its nonnuclear power generation to a newly formed subsidiary, Pacific Generation.
The proposals for the subsidiary and the KKR stake require approval by the California Public Utilities Commission and the Federal Energy Regulatory Commission.
KKR, which manages $59 billion in assets, operates a global infrastructure business with expertise in the utility and renewable energy industry.
PG&E said in a statement that the investment firm’s access to capital gave it the ability to take a long-term approach in its strategies.
Persons:
” Carolyn Burke
Organizations:
Gas & Electric, KKR, Pacific, California Public Utilities Commission, Federal Energy Regulatory Commission