The parent of Duke Energy Indiana says it has completed the first phase of a $2 billion deal to sell a minority interest in the Plainfield-based utility. Duke Energy (NYSE: DUK), which is headquartered in North Carolina, says it has received just over $1 billion from GIC Private Limited in exchange for an 11.05% minority interest of DEI.

Duke says GIC is a sovereign wealth fund established by the Government of Singapore. The utility says GIC will ultimately acquire 19.9% minority interest for $2.05 billion.

Duke Energy, which will remain majority owner and sole operator of DEI, expects to close the remainder of the transaction no later than January 2023.

The utility says proceeds will help fund the company’s $59 billion capital expenditures plan and satisfy all equity capital raising needs through 2025.

Duke says the transaction received approval from the Federal Energy Regulatory Commission and the Committee on Foreign Investment in the United States.