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NextEra Energy Transmission Closes Acquisition of Underwater Transmission Cable System
Friday 19 July 2019

19 July 2019 - US-based transmission asset operator and developer NextEra Energy Transmission, LLC, a subsidiary of US-based NextEra Energy, Inc. (NYSE: NEE), has completed the acquisition of Trans Bay Cable, LLC from affiliates of Steelriver Infrastructure Fund North America, the company said.
Financial terms of the transaction were not disclosed.
TBC is a transmission utility that owns 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.
The cable system extends from Pittsburg, California, to San Francisco, California, and can provide more than 40% of the electrical power used in San Francisco.
TBC was developed and approved in response to a 1998 blackout in the Bay Area, which demonstrated a need for greater resiliency of the electric grid in that region.
NextEra Energy Transmission develops, finances, constructs, operates, and maintains transmission assets across North America. NextEra Energy Transmission operates through its regional subsidiaries to integrate renewable energy and strengthen the electric grid.
The company's subsidiaries were among the first non-incumbents to be awarded projects by system operators and utility commissions in California, New York, Texas, and Ontario.
NextEra Energy Transmission's portfolio includes operating assets in Texas and New Hampshire, as well as numerous projects under development across the United States and Canada.
Date Published: 19/07/2019
Target: Trans Bay Cable, LLC
Country: USA
Sector: Utilities
Type: Corporate acquisition
Status: Closed
Vendor: Affiliates of Steelriver Infrastructure Fund North America
Buyer: NextEra Energy Transmission
Terms of the deal were not disclosed