The acquisition includes more than 160 miles of 230 kV transmission lines and substation equipment.
The company also acquired a 230 kV transmission line project to connect the VEA system to California Independent System Operator (CAISO).
VEA and GridLiance also entered into an agreement under which VEA will continue to operate and maintain the system in an effort to protect local jobs.
VEA will utilize the proceeds from the sale to expand its broadband communications network, ensure reliable power, rate stability, clear debts, and share cash premium for the assets with its members.
GridLiance president and CEO Calvin Crowder said: “We are excited about the benefits the transaction brings to the region and we value immensely our ongoing partnership with VEA.
"There is great potential here for project development that will improve reliability and provide Nevada and California greater access to low-cost renewable energy, and GridLiance is poised to realize that potential.”
GridLiance is an independent electric transmission company backed by Blackstone Energy Partners. It operates more than 575 miles of transmission lines and substation facilities in Nevada and Oklahoma.
Besides, it has partnerships with public power entities in Missouri, Oklahoma, Nevada, Texas, and Kansas.
VEA CEO Thomas H Husted said: “This sale marks a pivotal moment in the history of our cooperative. The partnership with GridLiance will provide benefits to our members well into the future – including cash benefits from the sale, many years of rate stability, further investment in high-speed communications for their benefit, and community investment on a scale unlike any other in Pahrump’s history.”
