GridLiance, an independent transmission company with operations in several regions of the U.S., announced today it has signed an asset purchase agreement to acquire 55 miles of 138-kV transmission line and a substation from People’s Electric Cooperative (PEC).
“We appreciate this opportunity to partner with PEC to unlock the financial value of its existing transmission assets and improve grid reliability. As part of our agreement, we will help PEC manage the costs of investing in the local transmission system,” said Calvin Crowder, GridLiance president and CEO. “Once completed, the transaction will further expand our footprint in Oklahoma. We look forward to integrating these assets into our portfolio and to our ongoing relationship with PEC.”
Founded in 2014, GridLiance partners with electric cooperatives, municipal utilities, irrigation districts, joint action agencies, and renewable energy developers to invest in electric transmission infrastructure. GridLiance owns and operates nearly 600 miles of transmission line and related substation facilities in Oklahoma, Missouri and Nevada.
“We’re always looking for opportunities to improve the quality and reliability of the electric service that we provide to our members. So, we’re excited about the improvements the transaction with GridLiance will help bring to our transmission system that will allow us to achieve these goals,” said PEC’s Executive Vice President and CEO Kevin Wood. “This partnership with GridLiance is a very economical and efficient way to help increase overall system reliability.”
Upon close, GridLiance will assume full operational responsibility. The company also will assume responsibility for federal, state, and regional compliance obligations for these bulk electric system facilities. The transaction is subject to federal and state regulatory approvals and is targeted to close by year end.