Prudential Private Capital invests $50M in Northern New England Energy Corporation
DALLAS, August 2, 2022 – Prudential Private Capital provided $50M of Senior Notes to Northern New England Energy Corporation, a utility holding company over regulated electric and natural gas subsidiaries Green Mountain Power Corporation and Vermont Gas Systems. The company is owned by Energir Inc., a major player in the energy sector in Quebec and Vermont. Prudential Private Capital is a source of private debt for public and private companies and is the private capital arm of PGIM, the $1.4 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
Prudential Private Capital supported Northern New England Energy Corporation with multiple issuances over the last two decades:
- $20 million issuance in 2007;
- $50 million refinancing and add-on in 2017;
- $50 million refinancing and add-on in 2022;
“We are proud to continue our partnership with Energir Inc., a sophisticated and experienced investor in the energy sector in Quebec and Vermont,” said Ingrida Soldatova, Senior Vice President of Prudential Private Capital’s Power Group
“Our involvement with Northern New England Energy Corporation dates back to the early 2000s and demonstrates our long-term commitment to the company,” added Soldatova.
With more than $9 billion in assets, Énergir is a diversified energy business whose mission is to find increasingly sustainable ways to meet the energy needs of approximately 535,000 customers and the communities it serves. It is the largest natural gas distribution company in Québec, where, through its joint ventures, it also generates electricity from wind power. Through its subsidiaries and other investments, Énergir has a presence in the United States, where it generates electricity from hydraulic, wind and solar sources; it is also the largest electricity distributor and the sole natural gas distributor in the State of Vermont.
About Prudential Private Capital:
For nearly 100 years, Prudential Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of $96.4 billion for our partners. All data as of March 31, 2022.