PGE to Buy PacifiCorp Washington Assets for $1.9B

Portland General Electric (PGE) agreed to acquire PacifiCorp’s Washington service-area transmission and distribution business and select generation assets for $1.9 billion in cash, subject to adjustments. The package includes the Chehalis gas plant and the Goodnoe Hills, Marengo I, and Marengo II wind facilities.

To fund the purchase, PGE arranged a $1.9 billion 364-day senior unsecured bridge facility and a $681 million 364-day delayed draw term loan, with $476.7 million committed, from Barclays and JPMorgan. The transaction requires approvals from FERC, HSR, and multiple state commissions, and PGE expects it to expand its regional footprint and generation portfolio.