Portland General Electric has agreed to acquire PacifiCorp’s electric utility operations and select generation and transmission assets in Washington state for $1.9 billion.
The transaction covers electric utility operations serving approximately 140,000 customers, along with generation, transmission, and distribution assets across roughly 2,700 square miles. Assets included in the deal comprise the 477-megawatt Chehalis natural gas plant, the 94-megawatt Goodnoe Hills wind facility, and the Marengo I and II wind facilities totaling 234 megawatts. The acquisition also includes about 4,500 miles of transmission and distribution lines.
PGE is partnering with Manulife Investment Management through Manulife Infrastructure Fund III and affiliated entities, which will hold a minority ownership stake in the Washington utility business. PGE will operate the assets through a newly formed subsidiary regulated by the Washington Utilities and Transportation Commission.
PGE stated that the acquisition supports long-term investments in system reliability, transmission upgrades, and clean energy resources in Washington. PacifiCorp, a subsidiary of Berkshire Hathaway Energy, said the transaction will allow it to better align costs and regulatory obligations across its multistate service territory.