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Macquarie's sale of ownership stake in Puget Sound Energy lands at FERC

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Macquarie's sale of ownership stake in Puget Sound Energy lands at FERC

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)