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ALLETE, Inc. receives FERC approval for partnership with Canada Pension Plan Investment Board and Global Infrastructure Partners
Contract Type
partnership
Description
ALLETE, Inc. announced that the Federal Energy Regulatory Commission (FERC) approved the company’s proposed partnership with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). Under the terms of the partnership, CPP Investments and GIP will acquire all outstanding common shares of ALLETE for $6.2 billion, without interest, including the assumption of debt. ALLETE will remain locally managed and operated, and its utilities, Minnesota Power and SWL&P, will continue to be regulated by the Minnesota Public Utilities Commission, the Public Service Commission of Wisconsin and FERC.