California investor-owned energy company PG&E Corporation on April 30 announced that it has entered exclusive negotiations to sell a minority interest in Pacific Generation LLC to KKR’s Infrastructure Strategy.
As previously announced in September 2022, PG&E is seeking approval to transfer its non-nuclear power generation assets to a newly formed subsidiary, Pacific Generation, and to transfer a minority ownership in Pacific Generation.
These transactions are subject to approval by the California Public Utilities Commission and Federal Energy Regulatory Commission, as well as execution of mutually agreeable definitive documentation and other customary closing conditions.
Under the proposed transactions, PG&E would remain the majority owner of Pacific Generation.
KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions.
