FERC authorized Epsom Investment Pte. Ltd. to boost its stake in Duquesne Light Co. and Duquesne Power LLC to 44.39% from 31.01%.
Under the deal, the GIC (Ventures) Pte. Ltd. subsidiary will buy a 13.381% equity stake in the utilities' parent, DQE Holdings LLC, from STC Funds Nominee Pty. Ltd. and FSS Trustee Corp. Financial terms of the deal were not disclosed.
The remaining equity interests in DQE Holdings will continue to be held by a consortium of investors, and the management and operations teams of the Pittsburgh-area utility will not change.
STC Funds is the trustee for Duquesne Utilities Trust, a special-purpose holding vehicle of which SAS Trustee Corp. is the sole unit holder. First State is the trustee for the First State Superannuation Scheme. (EC17-12)
GIC Ventures is affiliated with Singapore's sovereign wealth fund GIC Private Ltd. GIC Ventures was involved in acquiring an indirect 19.9% equity stake in ITC Holdings Corp.