Ares sells US$286m pipeline interest

Ares Management Corporation has signed a definitive agreement to sell its 22.5 per cent ownership interest in Meade Pipeline Co LLC (Meade).

The interest will be sold to a NextEra Energy Partners subsidiary for US$286 million.

Meade owns approximately 39 per cent of the Central Penn Line, a 298 km pipeline that extends throughout Pennsylvania, US, running from Susquehanna County to Lancaster County.

The pipeline became operational in late 2018 and has the capacity to deliver up to approximately 48.1 million m3/d of natural gas to markets in the mid-Atlantic and southeast regions of the US.

The transaction includes a future expansion opportunity anticipated to add approximately 17 million m3/d of natural gas capacity to Central Penn through the addition of compression at new and existing stations.

Central Penn is the greenfield section of the larger Atlantic Sunrise project operated by The Williams Companies through its subsidiary Transcontinental Gas Pipe Line Company.

The transaction is expected to close in the fourth quarter of 2019, subject to closing conditions and regulatory approvals.

For more information visit the Ares website.

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