Duke Energy on 4 April announced that it had reached an agreement to sell its 50% ownership interest in Pioneer Transmission LLC to John Laing Group, an international investor and active manager of core infrastructure assets.
Pioneer, a joint venture with American Electric Power (AEP), is a 42.5-mile, 765 kV transmission line with its associated substation assets. The line was placed in service in 2018 and extends from Greentown Station to Reynolds Station – west of Lafayette, Indiana.
Pioneer is independent of Duke Energy Indiana. Duke Energy intends to use the proceeds from the sale to invest in clean energy transition in its state-regulated utilities.
The transaction is expected to close by year-end 2024 and is subject to customary closing conditions, including approvals from the Federal Energy Regulatory Commission and Indiana Utility Regulatory Commission.
BMO Capital Markets is serving as financial advisor to Duke Energy for this transaction. Holland & Hart LLP is serving as legal counsel to Duke Energy.
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