NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc. (NEE), announced it has entered into definitive agreements with SteelRiver Infrastructure Fund North America and its partners to acquire Trans Bay Cable, LLC (TBC) for approximately $1 billion, including the assumption of debt. The transaction is expected to be immediately accretive to earnings upon closing.
TBC is a 53-mile, high-voltage direct current underwater transmission cable system with utility rates set by the Federal Energy Regulatory Commission and revenues paid by the California Independent System Operator.
Jim Robo, CEO of NextEra Energy, stated: "This acquisition furthers our goal of creating America's leading competitive transmission company and is consistent with our strategy of adding high-quality regulated assets to our portfolio."
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