Portland General Electric Acquires 805MW Washington Utility Operations from PacifiCorp for $1.9 Billion
Portland General Electric (PGE) has agreed to acquire Washington state generation, transmission and electric utility operations from PacifiCorp for $1.9 billion. The deal includes the 477MW Chehalis natural gas plant, the 94MW Goodnoe Hills wind facility, and the 234MW Marengo I & II wind facilities, plus 4,500 miles of transmission and distribution lines serving 140,000 customers. Manulife Investment Management will hold a 49% stake in the newly formed Washington utility subsidiary.
Transaction date: · Source: portlandgeneral.com
Key facts
- Transaction date
- Technology
- Onshore Wind
- Capacity
- 328 MW
- Transaction price
- n.a. (currency as reported in the source)
- Buyer
- Portland General Electric (PGE)
- Seller
- PacifiCorp
- Country
- United States
- Region
- Washington State
- Location
- Chehalis, Goodnoe Hills, Marengo (Washington State)
- Continent
- North America
- Development status
- Operational
- PPA
- n.a.
Technology details
Three generation facilities acquired: Chehalis natural gas plant (477 MW), Goodnoe Hills wind facility (94 MW), and Marengo I and II wind facilities (234 MW). Also includes 4,500 miles of transmission and distribution lines across 2,700 square miles.
Additional information
PGE will manage Washington operations as a separate subsidiary regulated by the Washington Utilities and Transportation Commission. Manulife Infrastructure Fund III L.P. and affiliates (including John Hancock Life Insurance Company USA) will collectively hold a 49% stake in the Washington utility business. PGE retains current Washington employees.
Source
Original announcement: https://portlandgeneral.com/news/2026-02-portland-general-electric-announces-acquisition-of-washington-state-utility-operations-and-select-assets-from-pacificorp