Funds managed by Macquarie Infrastructure Partners Inc. requested the Federal Energy Regulatory Commission to approve the sale of its 43.99% ownership stake in Puget Holdings LLC to a group of investors.
Puget Holdings wholly owns Washington state-headquartered utility Puget Sound Energy Inc. Under the transaction, Alberta Investment Management Corp. will increase its ownership interest to 13.6% and British Columbia Investment Management Corp. will boost its holdings to 20.9%.
OMERS Infrastructure Management Inc., which invests on behalf of the pension fund for the province of Ontario's municipal employees, is acquiring a 23.9% interest in Puget Sound Energy, and Dutch pension fund PGGM Coöperatie UA is acquiring 10%.
In addition to FERC authorization, the sale also needs approval from Washington state regulators.
The Canada Pension Plan Investment Board will retain its 31.6% interest, becoming Puget Sound Energy's largest single stakeholder. (FERC docket EC18-152)