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Investor group seeks FERC approval to acquire 25% share of DQE Holdings

AIA Energy North America LLC submitted an application to FERC on Jan. 26 to acquire a 25.18% stake in Pennsylvania utility company DQE Holdings LLC.

DQE Holdings LLC is the parent of Duquesne Light Holdings Inc., Duquesne Light Co. and Duquesne Power LLC.

Under the proposed transaction, AIA Energy will acquire 25.18% membership interests in DQE Holdings from Codan Trust Co. (Cayman) Ltd., in Codan's capacity as trustee of IFM Global Infrastructure Fund, which is a fund managed by IFM Investors Pty Ltd. IFM is a global investment manager with approximately $47 billion under management, according to the application.

DQE Holdings is owned by an investor consortium comprised of GIC Infra Holdings Pte. Ltd., which owns 44.39%, Three Rivers Utility Holdings LLC, which owns 30.43%, and Codan with its 25.18%.

AIA is an investment vehicle for energy infrastructure projects managed by arGo Energy North America MM LLC, which owns 0.4%, the California State Teachers' Retirement System, which owns 49.8% of AIA, and Sogra LLC, which owns 49.8%.

Terms of the deal were not disclosed.

The applicants asked the commission to approve the transaction by March 13. (Docket No. EC17-68)