Great Plains Energy has said it will control one of the largest onshore wind portfolios in the US after agreeing to acquire Westar Energy in a deal worth around $12.2bn.
The Missouri utility will provide a stock and cash consideration of $8.6bn and will assume about $3.6bn in Westar debt, it siad.
Once the transaction is complete, Great Plains Energy said it will have a more diverse and a 13GW generating portfolio, much of which is wind.
The combined company meet more than 45% of its retail customer demand with clean energy.
“The utility industry is facing rising customer expectations, increasing environmental standards and emerging cyber security threats,” Great Plains chief executive Terry Bassham said.
“These factors, coupled with slower demand growth for electricity, are driving our costs and customer rates higher.
“Our acquisition of Westar will create operational efficiencies and future cost savings that will benefit all involved – customers, shareholders, employees and the communities we serve.”
Image: Westar
Great Plains agrees Westar swoop
Utilities strike $12bn deal to build one of largest wind portfolios in US
By EBS