NV Energy, through its wholly owned subsidiary Sierra Pacific Power, has completed the sale of its California electric distribution and generation assets to California Pacific Electric Company (CalPeco).
CalPeco, which is jointly owned by Algonquin Power & Utilities Corp and Emera, will do business as Liberty Energy – California Pacific Electric Company.
NV Energy received total cash consideration of about $132m at the closing of the sale, which was originally announced in April 2009.
The company sold its California assets in order to concentrate on its business in the US state of Nevada.
According to NV Energy, the proceeds will be used to strengthen the company’s balance sheet and reduce the need to raise capital to fund investment in utility infrastructure.