PG&E is nearing a deal to sell a multibillion-dollar stake in its fleet of power plants to investment giant KKR as the company seeks funding for work intended to prevent its power lines from sparking wildfires.
The California utility company said it is seeking regulatory approval to transfer its sprawling hydroelectric system, as well as a smaller fleet of natural gas, solar and battery facilities, into a new subsidiary called Pacific Generation, 49.9% of which it intends to sell to KKR, one of the world's biggest infrastructure investors.