PPL to sell solar project developer Safari Energy to Aspen Power
Solar modules. Featured Image: Jackiso/Shutterstock.com
September 30 (Renewables Now) - US energy company PPL Corp (NYSE:PPL) will offload its subsidiary PPL Safari Holdings LLC, which runs a business dedicated to the acquisition, development and management of solar projects in the commercial and industrial (C&I) sector.
The parent company of Safari Energy LLC will be bought by a unit of distributed generation platform Aspen Power Partners LLC for an undisclosed amount, the seller said on Thursday.
PPL explained that its decision to divest the solar business was motivated by its updated strategy to sharpen the focus on its utility operations and grid investments. The company’s core business is to supply electricity and natural gas through its regulated utilities, which are serving 3.5 million people in Kentucky, Pennsylvania, Rhode Island and Virginia.
The transaction is subject to approval by the US Department of Justice and is expected to be finalised in the closing quarter of this year.
The sale will not affect PPC’s financial results, the company noted.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.