Portland, OR. — Portland General Electric (NYSE: POR) announced Tuesday it has reached a $1.9 billion agreement to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp, marking a significant regional expansion for the Oregon-based utility.
The transaction will extend PGE’s service footprint to approximately 140,000 Washington customers. Under the agreement, PGE will acquire three generation facilities: the 477-megawatt Chehalis natural gas plant, the 94-megawatt Goodnoe Hills wind facility, and the 234-megawatt Marengo I and II wind facilities. The deal also includes 4,500 miles of transmission and distribution lines and local utility operations across roughly 2,700 square miles.
PGE will operate the Washington assets through a newly formed subsidiary regulated by the Washington Utilities and Transportation Commission. The company said it will retain current Washington employees and honor existing labor agreements. Corporate functions based in Oregon will provide shared support services to both the Oregon and Washington utilities.
“This opportunity allows us to continue growing while building on our foundation of operational excellence and customer service,” said Maria Pope, president and CEO of PGE. She also highlighted the company’s partnership with Manulife Investment Management, which will hold a 49% ownership stake in the Washington utility business through Manulife Infrastructure Fund III L.P. and affiliates including John Hancock Life Insurance Company (USA).
Recep Kendircioglu, Global Head of Infrastructure at Manulife Investment Management, said the partnership aligns with the firm’s long-term infrastructure strategy and regional investment experience.
PGE emphasized that customers in both Oregon and Washington will not bear costs associated with the acquisition or transaction financing. The company expects state and federal regulatory reviews to conclude approximately 12 months after formal filings are submitted.
Financial advisors on the transaction include Lazard, Barclays, J.P. Morgan, and Citi for PGE, with Latham & Watkins serving as legal counsel. Goldman Sachs & Co. LLC advised Manulife Investment Management, with Simpson Thacher & Bartlett LLP as legal advisor.
PGE will discuss the acquisition during its fourth-quarter and full-year 2025 earnings call scheduled for 8 a.m. ET on February 17, 2026.
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