Macquarie Asset Management (MAM) via Macquarie Global Infrastructure Fund and Ontario Teachers' Pension Plan Board (Ontario Teachers') today announced the closing of an agreement to jointly acquire a 31.6 per cent stake in Puget Holdings (Puget) from Canada Pension Plan Investment Board (CPP Investments). The close of the transaction comes after approval by regulatory agencies including the Washington State Utilities and Transportation Commission and the Federal Energy Regulatory Commission.
Puget's primary operating subsidiary, Puget Sound Energy (PSE), is the oldest and largest electric and natural gas utility in the State of Washington, serving approximately 1.2 million electricity customers and 900,000 natural gas customers.
"We are excited to be reinvesting in Puget, a high-quality company with core infrastructure assets," said David Fass, Head of Macquarie Asset Management, Americas. "Washington State is at the forefront of clean energy policy in the US, and this transaction underscores our commitment to seeking relevant investment opportunities in the green energy transition."
"We are pleased to close this transaction and become shareholders in Puget, expanding our global portfolio of high-quality core infrastructure assets," said Kevin Kerr, Managing Director and Head of Americas for Infrastructure & Natural Resources at Ontario Teachers'. "We believe PSE will play a key role in decarbonizing Washington State's power generation in the coming years, which is consistent with our own efforts to achieve net zero greenhouse gas emissions by 2050."
