Duke Energy To Sell Its 50% Stake In Pioneer Transmission To John Laing Group

(RTTNews) - Duke Energy (DUK) said that it agreed to sell its 50% ownership interest in Pioneer Transmission LLC to John Laing Group, an international investor and active manager of core infrastructure assets.

Pioneer Transmission, a joint venture with American Electric Power (AEP), is a 42.5-mile, 765-kilovolt transmission line with its associated substation assets. The line was placed in service in 2018 and extends from Greentown Station to Reynolds Station - west of Lafayette, Ind. Pioneer is independent of Duke Energy Indiana.

Duke Energy noted that it will use the proceeds from the sale to invest in its clean energy transition in its state-regulated utilities.

The transaction is expected to close by year-end 2024.