FirstEnergy Corp. (NYSE:FE), has announced strategic financings with two global infrastructure funds- Blackstone Infrastructure Partners and Brookfield Super-Core Infrastructure Partners. The financings will raise a combined $3.4 billion in equity to strengthen FirstEnergy’s financial position and capitalize on investment opportunities.

FirstEnergy has issued $1 billion in common stock to Blackstone at a price of $39.08 per share. In addition, FirstEnergy has sold a 19.9% stake in FET, a holding company for FirstEnergy’s three regulated transmission subsidiaries, to Brookfield for $2.4 billion.

These transactions will be used to enhance FirstEnergy’s credit profile, provide funding for capital expenditures and address the firm’s equity plans. The firm’s capital initiatives will support a more resilient electrical grid, drive to a low-carbon future and better serve customers’ evolving energy needs.

“We are pleased to announce these transformative strategic equity financings with two of the premier global infrastructure funds, Blackstone Infrastructure Partners and Brookfield,” said Steven E. Strah, FirstEnergy president and CEO. “With these financings and, as importantly, long-term partnerships, FirstEnergy will be even better positioned to capitalize on the growth opportunities ahead and advance our company’s key business priorities.”