Duke Energy to Sell 50% Interest in Joint Venture to Invest in Clean Energy Transition
By Sabela Ojea
Duke Energy is selling its stake in its Pioneer Transmission joint venture with American Electric Power to invest in its clean energy transition at their state-regulated utilities.
The electric power and natural gas company on Thursday said that it has reached an agreement to sell the 50% interest it owns in Pioneer to John Laing Group, an international investor and active manager of core infrastructure assets.
Pioneer is a joint venture aimed at building and operating approximately 290 miles of transmission lines and related facilities in the state of Indiana.
The transaction is expected to close by the end of the year, but its dependant on approvals from the Federal Energy Regulatory Commission and Indiana Utility Regulatory Commission.
The company didn't disclose financial details of the agreement.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 04, 2024 16:52 ET (20:52 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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