NextEra Energy Transmission, a subsidiary of NextEra Energy, has entered into final agreements with Blackstone’s affiliates to purchase GridLiance Holdco and GridLiance for approximately $660 million, including debt assumptions.

A part of the net proceeds from the latest issue of NextEra Energy’s equity units will be used to fund the purchase.

“GridLiance partners with electric cooperatives and public power utilities to enhance transmission system reliability and is well positioned to benefit from the substantial expected renewables growth over the coming years. This acquisition furthers our goal of creating America’s leading competitive transmission company and is consistent with our strategy of adding high-quality regulated assets to our portfolio.”

Jim Robo, chairman and CEO of NextEra Energy.

GridLiance owns approximately 700 miles of high-voltage transmission lines and associated utilities set by the Federal Energy Regulatory Commission (FERC). The properties of the company cover three regional transmission organizations and six nations.

The agreement includes the approval of the FERC, the utility commissions in Kansas, Missouri and Oklahoma, as well as the expiry or termination of the waiting period under the Hart-Scott-Rodino Act. The deal is scheduled to close in 2021, pending prompt regulatory approvals.