Portland General Electric (NYSE:POR) has reached a definitive agreement to acquire select utility operations and assets in Washington state from PacifiCorp for $1.9 billion, marking a significant geographic expansion for the Oregon-based utility.
The deal, executed in partnership with Manulife Investment Management, includes the acquisition of generation, transmission, and distribution assets serving approximately 140,000 customers in Washington.
The transaction represents a purchase price multiple of 1.4 times the estimated 2026 rate base.
Included in the physical asset transfer are major power generation sites such as the 477-megawatt Chehalis natural-gas plant and the 94-megawatt Goodnoe Hills wind facility.
Chief Executive Officer Maria Pope stated that the acquisition enables PGE to extend its commitment to reliability and affordability to a new customer base.
Management expects the transaction to be accretive to earnings within the first full year of ownership and to enhance the company's long-term dividend growth trajectory.
Alongside the acquisition, PGE unveiled a major acceleration of its clean energy transition, securing agreements to construct two new solar and battery hybrid projects totaling 615 megawatts.