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Regulators Approve Disputed $6.2B Takeover of Minnesota Power by Investment Group
The $6.2 billion deal allows Allete to fund a $4 billion transition to carbon-free energy by 2040 while providing $200 million in benefits to customers, regulators said.
- On Friday, the Minnesota Public Utilities Commission voted unanimously to approve the $6.2 billion sale of Duluth-based Allete to Global Infrastructure Partners and Canada Pension Plan Investment Board , clearing the final regulatory hurdle after federal and Wisconsin approvals.
- Allete said going private would let Minnesota Power access capital more quickly to fund its transition from coal and comply with the state's carbon-free law, despite concerns over rising rates.
- Negotiators secured conditions including $50 million in bill credits, $50 million for a carbon-free fund, and a $10 million heating and cooling fund, with Commissioner Audrey Partridge noting over $100 million in ratepayer relief.
- The transaction affects 150,000 Minnesota Power customers and the PUC will retain authority over rate increases and project approvals, while opponents including the Minnesota Attorney General's Office warned of higher bills and supporters like building trades unions backed the deal.
- Global Infrastructure Partners will own 60% of Allete as GIP pursues larger utility deals, including a near-$38 billion AES bid amid rising AI data-center demand and a potential Google data center.
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Associated Press News+15 Reposted by 15 other sources
Regulators approve disputed $6.2B takeover of Minnesota Power by investment group
Minnesota regulators have approved the takeover of Minnesota Power by an investment group, despite opposition from the state attorney general and consumer advocates.
·United States
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State regulators approve sale of Allete
ST. PAUL — Minnesota regulators signed off on the final approval needed to sell Allete to a pair of private investment firms. The five-member Minnesota Public Utilities Commission on Friday voted unanimously to approve the sale of Minnesota Power’s Duluth-based parent company to Canada Pension Plan Investment Board and BlackRock-owned Global Infrastructure Partners. The proposed $6.2 billion deal, announced in May 2024, drew concern over private…
·Cherokee County, United States
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Total News Sources19
Leaning Left4Leaning Right2Center11Last UpdatedBias Distribution65% Center
Bias Distribution
- 65% of the sources are Center
65% Center
L 23%
C 65%
12%
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