ALLETE, Inc. announced the completion of its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners.
The acquisition will deliver approximately $200 million in benefits to Minnesota Power customers and communities, including a one-year base rate freeze and $50 million in rate credits.
ALLETE will continue to be locally managed and headquartered in Duluth, MN, with its current leadership team and workforce in place.
Historic Benefits to Customers
The acquisition promises $200 million in benefits, such as a one-year base rate freeze and rate credits, showing the commitment to customers and communities.
Infrastructure Investment
CPP Investments and GIP will fund ALLETE's five-year plan to strengthen the transmission grid and promote energy transition, ensuring a reliable and clean-energy future.
Leadership Continuity
ALLETE will maintain local management and leadership, with a majority independent board of directors to guide utility decision-making.
- The acquisition by CPP Investments and GIP signifies a significant step towards enhancing infrastructure investment and clean energy initiatives.
- ALLETE's commitment to customers and communities will be reinforced through the benefits and support provided by the new partnership.
ALLETE's partnership with CPP Investments and GIP marks a pivotal moment in the company's history, promising substantial benefits to customers and communities while maintaining local leadership and focus on sustainability.