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Duke Energy (NYSE:DUK) said Thursday it agreed to sell its 50% stake in its Pioneer Transmission joint venture with American Electric Power (AEP) to infrastructure asset manager John Laing Group.
Financial details were not disclosed, but Duke (DUK) said it will use the sale proceeds to invest in the clean energy transition at its state-regulated utilities.
The Pioneer JV launched service of a 42.5-mile transmission line in Indiana in 2018, and aims to build and operate ~290 miles of transmission lines and related facilities in the state.
The deal is subject to approvals from the Federal Energy Regulatory Commission and Indiana Utility Regulatory Commission.