Spanish electricity company Iberdrola SA (IBE.MC) Tuesday said it has agreed to sell three U.S. gas units to help finance a major electricity infrastructure project in New England.
Spanish electricity company Iberdrola SA (IBE.MC) Tuesday said it has
agreed to sell three
U.S.
gas
units to help finance a major electricity infrastructure project in
New
England
.
Iberdrola has agreed to sell its Connecticut Natural Gas, Southern Connecticut
Gas, and Berkshire Gas Company subsidiaries to UIL Holdings Corp. (UIL) in a
transaction valued at $1.3 billion.
The sale will finance most of a major infrastructure project in
Maine
consisting of the construction and upgrading of approximately 500 miles of
transmission lines and five new substations.
The project has an estimated initial investment of $1.4 billion, and will
benefit electricity distribution in
Massachusetts
,
New
Hampshire
and
Maine
, as
well as the interconnection between
Maine
and
Canada
.
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