News

El Paso to Buy Natural Gas Assets from Kinder Morgan for $2B

El Paso Pipeline Partners acquired from Kinder Morgan Inc., KMI’s 50 percent interest in Ruby Pipeline, 50 percent interest in Gulf LNG and 47.5 percent interest in Young Gas Storage. The transaction value is approximately $2 billion, including $1.012 billion of proportionate debt at Ruby and Gulf LNG, resulting in an equity purchase price of $972 million. EPB plans to fund 10 percent of the transaction value, net of the proportionate debt, with EPB common units that will be issued to KMI at closing valued at approximately $97.2 million.

GE Offers $13.5 Billion Enterprise Value to Acquire Alstom Thermal, Renewables, and Grid Businesses

GE submitted a binding offer to acquire the thermal, renewables (power) and grid businesses of Alstom consisting of $13.5 billion enterprise value and $3.4 billion of net cash, totaling $16.9 billion. The Alstom board of directors has positively received GE’s offer and has appointed a committee of independent directors led by Jean-Martin Folz to review the transaction.

Exelon to Acquire Pepco Holdings

Exelon and Pepco Holdings signed a definitive agreement to combine the two companies in an all-cash transaction. The agreement, which has been unanimously approved by both companies’ boards of directors, brings together Exelon’s three electric and gas utilities – BGE, ComEd and PECO – and Pepco Holdings’ electric and gas utilities – Atlantic City Electric, Delmarva Power and Pepco – to create the leading Mid-Atlantic electric and gas utility.

Strata Completes Nine New Solar Projects across North Carolina

Strata Solar installed nine utility-scale solar projects across North Carolina using more than $100mm of tax-equity financing provided by a subsidiary of Wells Fargo & Company. North Carolina utility Progress Energy Carolinas will purchase the power. The three largest projects - Bladenboro, Wagstaff and Nash 58 - all exceed six MWs in capacity and provide a boost to the local tax base without requiring additional county expenditures on sewer, roads or any other infrastructure.

Itron Selected to Modernize and Manage Southern Connecticut Gas Metering System

The Southern Connecticut Gas Company (SCG) selected Itron to modernize and manage its metering system. The solution will help SCG optimize the delivery of natural gas, improve customer service and streamline business operations. SCG will utilize Itron TOTAL AMI to run, manage and maintain their gas meter reading system for 20 years. Itron will be responsible for the installation and maintenance of the entire system, including 220,000 Itron gas communication modules and associated fixed-network infrastructure.

U.S. Military Prequalifies Four-Company Consortium for Solar Bids

The U.S. Army Corps of Engineers pre-qualified a four-company team led by TransGen Energy to bid for solar projects at U.S. military installations throughout the United States and its territories. TransGen Energy is serving as prime contractor for the TransGen Solar Team. The team will deliver solar projects under PPAs with the U.S. Department of Defense. Another team member is ConEdison Solutions and will oversee and operate each installed solar facility. The third partner, Quanta Solar Solutions and they will install the awarded solar sites.

$60 Million Dedicated for Solar Energy on Long Island

As part of the statewide NY-Sun Initiative, a $60 million investment to support the Long Island solar industry's transition to PSEG Long Island has been announced. PSEG Long Island will partner with NYSERDA to locally implement the statewide NY-Sun program. NY-Sun Initiative is a collaborative effort among public-private entities who are all working toward advancing the use of solar power in New York State. NYSERDA will more than double the proposed NY-Sun Initiative allocation for the Long Island region from $28 million to $60 million.

NextEra Dedicates 250 MW Solar Power Plant, Sells Power to PG&E

NextEra Energy Resources, a subsidiary of NextEra Energy dedicated the company's 250 MW Genesis Solar Energy Center, located in Riverside County, Calif. All of the power generated by the solar facility is being provided to Pacific Gas & Electric under a long-term contract. The solar facility, which is comprised of two identical 125-MW generating units, entered service in November 2013 and March 2014, respectively and is owned and operated by an affiliate of NextEra Energy Resources.

MidAmerican Energy to Supply Wind Power to Google Data Center

Google and MidAmerican Energy (MidAmerican) established an agreement for MidAmerican to supply Google's Council Bluffs, Iowa data center with up to 407 MW of wind-sourced energy. The wind power will come from several wind projects that are part of MidAmerican's Wind VIII program, an initiative under which MidAmerican will bring 1,050 MW of new Iowa wind power online by the end of 2015.

Southern Company and Turner Renewable Energy Acquire Second California Solar Plant

Southern Company subsidiary Southern Power, in partnership with Turner Renewable Energy, officially acquired of the partnership's second California solar installation. The agreement to acquire the Adobe Solar Facility, a 20- MW solar PV installation in Kern County, Calif., was closed upon successful completion of construction. The facility represents the partnership's sixth solar project and is expected to begin commercial operation in May.