GridLiance to Acquire Transmission Assets from People’s Electric Cooperative
Dallas (July 16, 2018) – GridLiance, an independent transmission company with operations in several regions of the U.S., announced today it has signed an asset purchase agreement to acquire 55 miles of 138-kV transmission line and a substation from People’s Electric Cooperative (PEC).
“We appreciate this opportunity to partner with PEC to unlock the financial value of its existing transmission assets and improve grid reliability. As part of our agreement, we will help PEC manage the costs of investing in the local transmission system,” said Calvin Crowder, GridLiance president and CEO. “Once completed, the transaction will further expand our footprint in Oklahoma. We look forward to integrating these assets into our portfolio and to our ongoing relationship with PEC.”
Founded in 2014, GridLiance partners with electric cooperatives, municipal utilities, irrigation districts, joint action agencies, and renewable energy developers to invest in electric transmission infrastructure. GridLiance owns and operates nearly 600 miles of transmission line and related substation facilities in Oklahoma, Missouri, and Nevada.
“We’re always looking for opportunities to improve the quality and reliability of the electric service that we provide to our members. So, we’re excited about the improvements the transaction with GridLiance will help bring to our transmission system that will allow us to achieve these goals,” said PEC’s Executive Vice President and CEO Kevin Wood. “This partnership with GridLiance is a very economical and efficient way to help increase overall system reliability.”
Upon close, GridLiance will assume full operational responsibility. The Company also will assume responsibility for federal, state, and regional compliance obligations for these bulk electric system facilities. The transaction is subject to federal and state regulatory approvals and is targeted to close by year end.
GridLiance is an electric transmission utility holding company. Based in Dallas, Texas, GridLiance is a portfolio company of Blackstone Energy Partners, an affiliate of Blackstone (NYSE:BX), a leading energy infrastructure investor. GridLiance’s differentiated business model is to work with electric cooperatives, municipal utilities, irrigation districts, joint action agencies, and renewable energy developers to plan for the future, invest in electric infrastructure and implement strategies that meet its partners’ ownership, capital investment, and operational goals. GridLiance currently operates hundreds of miles of transmission lines and related substation facilities in Nevada, Missouri, and Oklahoma. The company has long-term partnerships with utility partners operating in Missouri, Oklahoma, Nevada, Texas, and Kansas, and is negotiating new arrangements with utilities in several other states. For more information about GridLiance, visit www.gridliance.com.
About People’s Electric Cooperative
People’s Electric Cooperative (PEC) is a member-owned, not-for-profit electric transmission and distribution cooperative and generation owner headquartered in Ada, Oklahoma. Established in 1938 by local citizens to bring electricity to rural families, farms and businesses, PEC now delivers electricity to more than 15,000 homes and businesses in 11 south central Oklahoma counties.