John Laing acquires Duke Energy’s interest in Pioneer Transmission Line located in Indiana US

John Laing Group ("John Laing"), a leading international investor and active manager of core infrastructure assets, today announces that it has agreed to acquire Duke Energy’s fifty percent equity interest in Pioneer Transmission, LLC (“Pioneer”). The acquisition is subject to typical regulatory approvals and is expected to complete by year end 2024.

Pioneer, a joint venture with American Electric Power (AEP), is a 42.5-mile, 765-kilovolt (kV) transmission line with its associated substation assets. The line was placed in service in 2018 and extends from Greentown Station to Reynolds Station – west of Lafayette, Indiana.

The transaction marks John Laing’s entry into the growing transmission sector in North America, having entered the transmission market for the first time last year with the acquisition of Hornsea 2 Offshore Transmission (OFTO) assets from HICL.

Andrew Truscott, Chief Executive of John Laing, said: “This acquisition further diversifies our portfolio and reaffirms our commitment to the transmission sector, where we see substantial needs for additional investment. Pioneer is an excellent fit for us as we build on our track record of developing and managing core infrastructure assets. We continue to see exciting opportunities in the global transmission sector as critical assets are updated and maintained to meet demands.”

Anthony Phillips, Global Head of PPP and Head of Americas at John Laing, added: “Pioneer is helping enhance the efficiency and reliability of the transmission grid in the United States, an essential feature of a country’s long-term infrastructure security. It is a well-maintained, long-term operational asset in a constructive regulatory framework. With strong ESG characteristics in meeting clean energy goals and providing reliable energy services for local economies and communities, it’s an important asset to us that expands our range of sustainable investments.”

John Laing was advised by Macquarie Capital, McGuireWoods LLP, Calfee, Halter & Griswold LLP, Gibson Dunn & Crutcher, Leo Berwick, Charles River Associates, Virtas Partners, Leidos, and Mazars.