Portland General Electric announced Feb. 17 that it is acquiring three generation centers in Washington state — including one natural gas generation plant and two wind-driven facilities — from PacifiCorp for $1.9 billion.
Portland GE is acquiring the plants in partnership with Manulife Infrastructure Fund II and John Hancock Life Insurance. Portland GE will operate the facilities through a separate company regulated by the Washington Utilities and Transportation Commission.
The facilities acquired are the 477MW Chehalis natural gas plant, the 94MW Goodnoe Hills wind facility and the 234MW Marengo I and II wind-generated plants. The deal includes 4,500 miles of transmission and distribution lines and related local utility operations across 2,700 square miles.
In 2025 and the first part of 2026, Portland GE said they have executed five contracts with data center customers for 430 MW.
Legal advisors include Latham & Watkins for Portland GE and Simpson Thacher & Bartlett for Manulife Investment Management.
The Latham team was led by Michael Sullivan (San Diego) and Ryan Maierson (Houston). The corporate team also included Erik Thompson (Boston), Elena Burns (Costa Mesa), Cameron Koob (San Francisco), Zach Kobayashi (San Diego), Rian Winget (Houston), Brock Meyer (Costa Mesa), Skyler Ligon (Costa Mesa) and Genie Yae (Costa Mesa).
Also advising joint venture matters were Caroline Phillips (New York), Sharon Huberfeld (New York) and Jeremie Ruiz (New York); Jeffrey Tochner (New York) and Sebastian Moss (New York) on commercial matters; Pardis Zomorodi (New York) and Dominick Constantino (Houston) on tax; Jason Cruise (Washington, D.C.) and Andrew Paik (Washington, D.C.) on antitrust; Natasha Gianvecchio (Washington, D.C.) and Jecoliah Williams (Washington, D.C.) on regulation; Michelle L.C. Carpenter (Los Angeles) and Peter Dalmasy (Chicago) on benefits; Oswald Cousins (San Francisco) on labor; Marc Campopiano (Orange County) and Brian McCall (Costa Mesa) on environmental issues.
On real estate was James Mann (San Diego), David Rao (San Diego), Daniel Eyal (San Diego), Chika Onyejiukwa (New York); Harrison White (Los Angeles) on insurance; Robert Brown (Austin) and Stuart Cobb (Houston) on data privacy; Sony Ben-Moshe (San Diego), Bryan Monson (San Diego) and Jackson Kushner (San Diego) on finance; Steven Levine (San Diego), Shelby Harrison (San Diego) on JV operations.
The Simpson Thacher team was led by New York partner Brian Chisling and Houston partner Katy Lukaszewski, and included counsel Paul Bolaji (Washington, D.C.), plus New York associates Oleg Stratiev and Natasha Kandi and Selim Loetscher.
Other team members included partners Brian Steinhardt (New York) and Brandon Barton (Houston), and associates David Kim (New York) and Owen Harrison (Houston) on banking and credit; New York partner Jonathan Goldstein and associates Shareef Salfity and Preston Irace on tax; New York partner Alysha Sekhon and associates Margerite Blase and Tally Smitas on intellectual property; partners Tristan Brown (Palo Alto) and Ryan Stott (New York) and associate Skyler Kanfer (New York) on executive compensation and employee benefits; New York senior counsel Krista McManus and counsel Dennis Loiacono on real estate; New York senior counsel Steve DeLott on insurance; and Washington, D.C.-based partner Carleigh Rodriguez and associate Logan Lineberry on environmental.
Lazard served as lead financial advisor to Portland GE alongside Barclays, J.P. Morgan and Citi. Goldman Sachs advised Manulife.
Portland GE has reported GAAP net income of $306 million for the year ending Dec. 31, 2025, a decline from $313 million over the previous year. However, after adjustments for non-GAAP income, the company’s non-GAAP income was $336 million in 2025 compared to a non-GAAP income of $327 million for 2024.