GIP and CPPIB eye $5bn Allete takeover


May 3, 2024

Global Infrastructure Partners and Canada Pension Plan Investment Board are reportedly close to agreeing a $5bn takeover of US utility Allete.

Allete is headquartered in US state Minnesota and operates across the country’s Upper Midwest region. Its subsidiaries include Allete Clean Energy, which owns 1.5GW of renewables generating capacity in seven US states including the 300MW Caddo and 300MW Diamond Springs wind farms in Oklahoma.

The group’s other subsidiaries are BNI Energy, Minnesota Power, New Energy Equity, and Superior Water, Light & Power. Allete plans to invest $3.3bn in renewables generation and transmission projects by 2027.

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