PPL Corporation announces agreement to sell Safari Energy LLC
PPL Corporation announced an agreement to sell its subsidiary, PPL Safari Holdings LLC, to Aspen Power Partners LLC, pending U.S. Department of Justice review. This strategic sale aligns with PPL's focus on core regulated utility operations and advancing clean energy, particularly in Kentucky. The transaction is expected to finalize in Q4 2022 and is not deemed material to PPL's financial standing.
- Strategic focus on core regulated utility business.
- Advancing clean energy initiatives.
- None.
ALLENTOWN, Pa., Sept. 29, 2022 /PRNewswire/ -- PPL Corporation has reached an agreement to sell PPL Safari Holdings LLC, parent company of Safari Energy LLC – a subsidiary that acquires solar projects and develops and manages solar facilities for commercial and industrial customers and public sector organizations.
A subsidiary of Aspen Power Partners LLC has agreed to acquire PPL Safari pending review by the U.S. Department of Justice.
PPL's decision to sell Safari reflects the company's recent strategic repositioning as it sharpens its focus on its core business – high-performing regulated utilities in the U.S. – and on advancing the clean energy transition through forward-looking grid investments and the continued transition of the company's Kentucky generation fleet.
PPL and Aspen expect to close on the transaction in the fourth quarter of 2022. The sale is not considered material to PPL Corporation.
About PPL Corporation
PPL Corporation (NYSE:PPL), based in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to 3.5 million customers in the U.S. PPL's high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information, visit www.pplweb.com.
Note to Editors: Visit our media website at www.pplnewsroom.com for additional news about PPL Corporation.
Contacts: | For news media: Ryan Hill, 610-774-4033 |
For financial analysts: Andy Ludwig, 610-774-3389 |
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SOURCE PPL Corporation
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