PSEG to sell its fossil fuel portfolio

Public Service Enterprise Group (PSEG) has entered into an agreement to sell its 6,750-megawatt fossil generating portfolio to a fund controlled by ArcLight Capital Partners for aggregate consideration of approximately $1.92 billion. The deal is expected to be completed late in the fourth quarter of 2021 or the first quarter of 2022.

Together with the sale of its Solar Source assets in June, PSEG is anticipating to receive approximately $2.15 billion of after-tax net proceeds. The sale of PSEG Fossil, part of PSEG's Strategic Alternatives process announced in July 2020, comprises 13 generation units in New Jersey, Connecticut, Maryland and New York.