PPL Corp. announced Thursday that it has agreed to sell PPL Safari Holdings LLC, parent company of Safari Energy LLC, to a subsidiary of Dallas, Texas-based Aspen Power Partners for an undisclosed price.
The transaction, expected to close in the fourth quarter of this year, is pending review by the U.S. Justice Department.
Safari Energy, which Allentown-based PPL purchased in 2018, acquires solar projects and develops and manages solar facilities for commercial and industrial customers and public sector organizations.
PPL’s decision to sell Safari comes as the company sharpens its focus on its core business of high-performing regulated utilities in the U.S. and on advancing clean energy transition, a release said.
The PPL Corp. and its subsidiaries provide energy services to about 3.5 million customers.
Paula Wolf is a freelance writer
Customers Bank, headquartered in West Reading, is expanding to Florida and Texas and extending its presence in the Midwest. The bank will open branches in Orlando, Dallas, and Chicago, according to a release.
Customers Bank specializes in serving the needs of small and medium business enterprises with revenue from $5 million and $100 million. Products and services include financing for working capital, owner-occupied real estate and investment real estate.
The bank’s teams have industry expertise in such areas as financial and investment management; property management and related associations; medical, dental and veterinary practices; private schools and colleges; transportation and logistics; and financial technology/specialty finance.
To support the Small Business Association’s Paycheck Protection Program, Customers Bank introduced a hybrid financial technology model that enabled the bank to participate in more than 314,000 approved PPP loans worth a total of more than $9.6 billion.
As of March 31, Customers Bank, a subsidiary of Customers Bancorp Inc., had assets of approximately $18.8 billion.