RTTNews | Aug 12, 2021 09:22AM EDT

09:22 Thursday, August 12, 2021 (RTTNews.com) - Diversified energy company Public Service Enterprise Group (PEG) has agreed to sell its fossil generating portfolio to units of ArcLight Energy Partners Fund VII, L.P., a fund controlled by ArcLight Capital Partners, LLC for approximately $1.92 billion. The sale of PSEG Fossil, part of the company's Strategic Alternatives process announced last year, comprises 13 generation units in New Jersey, Connecticut, Maryland and New York.

PSEG said, through the sale process, it is on track to realize a more predictable earnings profile. Also the deal continues the company's evolution toward a clean energy infrastructure-focused company.

PSEG updated its full-year 2021 non-GAAP operating earnings guidance to $3.50 to $3.65 per share, from $3.40 to $3.55 per share. In connection with the deal, the company expects to record a pre-tax impairment charge of approximately $2.150 billion to $2.225 billion, employee severance and retention costs up to $25 million, and debt redemption costs including a make-whole premium of approximately $280 million - $340 million.

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