NextEra Energy Transmission has entered definitive agreements with SteelRiver Infrastructure Fund North America and partners to acquire Trans Bay Cable (TBC) for approximately $1bn.
TBC is a 53-mile submarine cable system, which transports high-voltage direct current in the San Francisco Bay of California.
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The acquisition is part of NextEra Energy’s strategy to add high-quality regulated assets to its portfolio and thereby become the leading competitive transmission company in America.
NextEra Energy Transmission has engaged Wells Fargo as its financial adviser, Pillsbury Winthrop Shaw Pittman as counsel, and Ellison Schneider Harris & Donlan as the regulatory counsel.
SteelRiver Infrastructure Fund North America has engaged RBC Capital Markets as its financial adviser, and Winston & Strawn as the legal adviser for the transaction.
Based in North America, NextEra Energy Transmission is engaged in energy transmission, while SteelRiver Infrastructure Fund North America is an independent investment firm.
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