FirstEnergy Transmission (FET), the subsidiary of Ohio-based electric utility FirstEnergy Corp., has sold a 19.9 percent minority equity stake to Brookfield Super-Core Infrastructure Partners for $2.375 billion. Following the sale, FirstEnergy retains an 80.1 percent equity interest in FET.
FirstEnergy announced the agreement with Brookfield in November 2021, along with a $1 billion equity investment in FirstEnergy common stock by Blackstone Infrastructure partners, which closed in December. The company said it is using the combined $3.4 billion in proceeds from these strategic financings to strengthen its balance sheet, fund its capital program and address its equity plans.
FirstEnergy’s sustainable capital investment program of $17 billion from 2021 through 2025 is focused on developing a more resilient and modern grid and prioritizes emerging technologies, electric vehicle infrastructure, renewable generation and programs to help customers optimize their energy
