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Tokyo-based Electric Power Subsidiary partners with AP Solar in 400 MW Texas Solar Project

LCG, August 6, 2020—J-Power USA Development Co, a subsidiary of the Electric Power Development Co. headquartered in Tokyo, has joined a joint venture to develop a 400 MW Texas solar project.

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Texas Solar Project Sold to CIP

LCG, July 31, 2020—An affiliate of Copenhagen Infrastructure Partners has completed purchase of a 350 MW solar photovoltaic project near the Houston metro area from Solar Plus Development Inc. and Avondale Solar.

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Industry News

Entergy, FPL Group in $27 Billion Marriage

LCG, July 31, 2000--Entergy Corp. of New Orleans and FPL Group Inc. of Juno Beach, Fla., will combine in a $27 billion merger to form the nations largest electric utility with more than 6.3 million customers and largest power producer with more than 48,000 megawatts of capacity.

In an announcement this morning, the companies said the combination will also rank second in the U.S. in nuclear power generation with more than 10,000 megawatts on line and number two in market capitalization at about $16.4 billion.

Combined revenues of the two companies is around $15 billion, with Entergy contributing nearly $9 billion and FPL a little more than $6 billion.

A new holding company to be named later will be formed, with FPL shareholders receiving stock on a share-for-share basis and Entergy shareholders receiving 0.585 of a share for each of their shares of Entergy stock, in a tax-free exchange.

The companies said the holding company would pay a dividend consistent with FPLs payout policy, which would mean a small increase for Entergy shareholders, from $1.20 to $1.26 per share.

The new company will also be one of the countrys largest independent power producers with nearly 10,000 megawatts of unregulated capacity. In addition, through Entergys pending merger with Koch Industries Inc., it will be one of the largest U.S. marketers of electricity and natural gas and will own about 10,000 miles of natural gas pipeline.

The merger is expected to produce savings of between $150 million and $275 million annually over the first few years. The companies said all union contracts will be honored and workforce effects will be held to a minimum.

James L. Broadhead, chairman and chief executive of FPL Group, will be chairman of the new company. J. Wayne Leonard, Entergys chief executive, will be president and chief executive. Corporate headquarters will be in Juno Beach and utility operation will be based in New Orleans. The six local utility subsidiaries of the companies will continue under their present names from their current headquarters.

The merger requires the approval of shareholders of both companies, the Securities and ExchangeCommission, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, andthe Federal Communications Commission; the expiration or termination of the waiting period underthe Hart-Scott-Rodino Antitrust Improvements Act; and the completion of regulatory procedures inArkansas, Florida, Louisiana, Mississippi, Texas and the city of New Orleans. The companies said they hope to complete the transaction within 15 months.

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