By Editors of Power Engineering
FirstEnergy’s efforts to leave the competitive electric generation business got a boost in the form of a $2.5 billion investment.
Contributors include Elliott Management, Bluescape, GIC and Zimmer Partners LP, the Pittsburgh Post-Gazette reported. In return, the investors will receive $1.62 billion in mandatory convertible preferred equity and $850 million of common equity.
"We are pleased that these premier investors are demonstrating confidence in our plan to transform FirstEnergy into a fully regulated utility," said Charles E. Jones, president and chief executive officer of FirstEnergy, said in a statement.