Manulife Joins the Power Play
Recep Kendircioglu, Manulife Investment Management’s global head of infrastructure, described the partnership as “an opportunity that fits well within our infrastructure strategy and leverages our experience in utility investments.”
Under the deal, Manulife Infrastructure Fund III LP and its affiliates will hold a 49% stake in the utility assets. PGE will appoint a separate company to oversee operations in Washington.
Powering Up With Wind and Gas
The acquisition brings several energy facilities under PGE’s control:
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94-megawatt Goodnoe Hills wind facility
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477-megawatt Chehalis natural gas plant
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Marengo I and II wind facilities, combining for 234 megawatts
“This is a targeted step toward ensuring the continued delivery of safe, reliable power to our nearly 2 million customers in the West and Intermountain West,” PacifiCorp CEO Darin Carroll said. “It will improve the company’s financial stability while simplifying operations to support our long-term commitment to customers in each of our remaining states.”
PGE, Manulife, and PacifiCorp did not immediately respond to requests for additional comment on Tuesday. Counsel information for PacifiCorp was also unavailable.
PGE is represented by Latham & Watkins LLP.
