Longi to equip 224-MW US solar park with PERC modules
Feb 22, 2019 17:56 CESTFebruary 11 (Renewables Now) - Texas-based company Vistra Energy Corp (NYSE:VST) said Thursday it will turn into the top residential electricity provider in the US with the acquisition of electricity and gas retailer Crius Energy Trust (TSE:KWH.UN).
The buyer has agreed to pay for Crius CAD 7.57 per trust unit in cash, in line with its strategy to expand its retail business at attractive multiples while remaining committed to its capital allocation and deleveraging plans. The price represents a premium of 38% to Crius Energy’s unit price of CAD 5.48 as of market close on February 6.
The total purchase price is about USD 328 million (EUR 289.5m), which Vistra intends to fund with cash on hand, plus assumption of Crius Energy net debt of roughly USD 108 million.
Vistra has 2.9 million residential, commercial, and industrial customers across five top retail states and a generation fleet of 41 GW, including natural gas, nuclear, coal, and solar power plants. Curt Morgan, Vistra’s president and CEO, said the deal will accelerate the company’s retail growth expansion plans.
“The Crius Energy portfolio has a high degree of overlap with Vistra’s generation fleet and complements Vistra’s existing municipal aggregation and large commercial and industrial portfolio in the Midwest and Northeast markets,” Morgan said.
Subject to receiving all necessary approvals and the fulfillment of other customary closing conditions, the transaction is seen to close in the second quarter of 2019. Vistra will have operations in 19 states and the District of Columbia once the purchase is completed.
(CAD 1 = USD 0.75/EUR 0.66)
(USD 1 = EUR 0.88)
Longi to equip 224-MW US solar park with PERC modules
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