A global investment firm headquartered in Singapore has acquired a nearly 20% stake in Duke Energy Indiana. The utility says the deal with GIC is valued at more than $2 billion.
Through the acquisition, Duke Energy says the capital and increased financial strength will help it to continue providing reliable service and investing in important energy infrastructure while maintaining affordable rates for customers.
“Our agreement with GIC highlights the value and growth potential of DEI and recognizes the continued hard work and commitment of our people,” said Stan Pinegar, DEI state president. “Delivering safe and reliable service to our customers and serving our communities remains our top priority.”
Duke Energy says it will continue to operate DEI and will remain the majority owner, with an 80.1% stake in the business.
DEI parent Duke Energy Corp. (NYSE: DUK) says it will use the proceeds to finance its five-year, $60 billion capital plan to accelerate its transition to more clean energy, as well as redeploy funds to support increased growth in its existing utilities.