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AECOM Sells Power Business as Part of Restructuring

October 17, 2020

The post AECOM Sells Power Business as Part of Restructuring appeared first on POWER Magazine.

AECOM has announced the closing of the sale of its Power construction business to affiliates of CriticalPoint Capital LLC. Terms of the deal were not disclosed.

The Los Angeles, California-based infrastructure consulting firm, which this month announced a restructuring plan, earlier this year closed on the $ 2.4 billion sale of its Maryland-based Management Services business—which provides consulting services to the government sector—to New York-based private equity firms American Securities and Lindsay Goldberg.

“The sale of the Power construction business marks another milestone in the successful execution of our transformation into a higher-margin, lower-risk Professional Services business,” said Troy Rudd, AECOM’s CEO, in an Oct. 16 news release. “We have built significant momentum in our business and continue to advance efforts to align our organization around a global structure that fosters a culture of collaboration, better connects our expertise and focuses on our best growth opportunities.…

POWER Notebook: Duke Energy Sells Renewable Assets in $1.25 Billion Deal

April 27, 2019

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Duke Energy this week said it has a definitive agreement to sell a minority interest in part of its commercial renewable energy portfolio owned and operated by its affiliate, Duke Energy Renewables, to the John Hancock Infrastructure Fund and John Hancock Life Insurance Company. Duke in an April 24 release said the interest is valued at about $ 1.25 billion.

Duke said the deal includes 49% of 37 operating wind, solar, and battery storage assets, and 33% of 11 operating solar assets across the U.S. John Hancock’s interest will represent about 1.2 GW of power generation capacity after the deal is closed. John Hancock will also have the right to acquire a minority interest in certain additional wind and solar projects in the future, providing a potential source of future growth capital to Duke Energy.

“We look forward to working alongside John Hancock as we continue providing clean and affordable energy to our customers across the country,” said Rob Caldwell, president of Duke Energy Renewables. …

GE Power Sells Lucrative Water & Process Technologies Division to SUEZ in $3.4B Deal

October 2, 2017

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Less than a week after GE struck a $ 2.6 billion deal with ABB for GE’s electrification business, GE Power completed the $ 3.4 billion sale of its lucrative water and process technologies division to multinational water management firm SUEZ.

The sale of GE Water & Process Technologies, a systems and services provider of water, wastewater and process systems solutions, was completed on September 30 but announced on October 2. According to GE and SUEZ, the division manned by 7,500 employees generated about $ 2.1 billion in revenues for GE in 2016. Today’s announcement, on the heels of last week’s GE-ABB deal, is part of the company’s transition under new CEO John Flannery.

According to Russell Stokes, who replaced Steve Bolze as president and CEO of GE Power in July, the sale of GE Water & Process Technologies is the “next step in GE Power’s business strategy and portfolio transformation.”

Bolze, whose final day at GE was September 30, announced his retirement from GE this June after he lost out to Flannery as successor to CEO Jeff Immelt.…