NV Energy is selling its distribution and generation assets that serve 47,000 California residents in and around the Tahoe basin for $116 million, the company announced late Wednesday.
The sale to newly formed California Pacific Electric Co. is subject to state and federal regulatory approvals.
The new company is owned jointly by Algonquin Power Income Fund and Emera Inc.
"We are proud to have been serving this area of California for well over 100 years," said NV Energy president and CEO Michael Yackira. "As we previously announced, our recent renaming and rebranding initiatives call for more concentration on our activities within the state of Nevada."
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