CPP Investments and Global Infrastructure Partners Acquire ALLETE in $6.2 Billion Deal

ALLETE Acquires New Energy Equity Solar Developer

April 15, 2022

Renewable Energy

ALLETE, Inc. signed a definitive agreement to acquire 100% of New Energy Equity LLC, a distributed solar developer, for approximately $165.5 million (subject to working capital adjustment). The transaction was later closed, with ALLETE expanding its sustainability-focused strategy and renewable energy capabilities.

Global Infrastructure Partners and EQT Consortium to Acquire The AES Corporation in $10.7B Deal

March 2, 2026

Infrastructure

The AES Corporation has entered into a definitive agreement to be acquired for $15.00 per share in an all-cash transaction valued at $10.7 billion in equity value by a consortium led by Global Infrastructure Partners (a part of BlackRock) and EQT Infrastructure VI. The deal is expected to close in late 2026 or early 2027, subject to shareholder approval and regulatory clearances, and will take AES private.

TotalEnergies Acquires 50% Stake in Clearway Energy Group (CEG) with Global Infrastructure Partners

May 25, 2022

Energy

TotalEnergies has signed agreements with Global Infrastructure Partners (GIP) to acquire a 50% stake in Clearway Energy Group (CEG), the fifth-largest U.S. renewable energy player. The deal is designed to expand TotalEnergies’ U.S. position in wind, solar, and storage, with Clearway contributing an operating portfolio and a large development pipeline.

BlackRock to Acquire Global Infrastructure Partners (GIP) for $3 Billion

January 14, 2024

Infrastructure

BlackRock and Global Infrastructure Partners (GIP) entered into an agreement for BlackRock to acquire GIP for $3 billion in cash plus approximately 12 million shares of BlackRock common stock. The combined platform is expected to strengthen BlackRock’s global infrastructure franchise and improve origination and asset-management capabilities. The transaction is expected to close in the third quarter of 2024, subject to regulatory approvals and customary closing conditions.

TPG Acquires Altus Power for $2.2 Billion

February 6, 2025

Infrastructure

Altus Power, a commercial-scale clean energy provider focused on solar and related infrastructure, agreed to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy in an all-cash deal valued at about $2.2 billion (including outstanding debt). In the merger, Altus Power stockholders receive $5.00 per share. The transaction closed in April 2025 and Altus Power became privately held, with its NYSE listing removed.

Global Infrastructure Partners to Acquire 49.99% Stake in Eni CCUS Holding

August 18, 2025

Energy

Global Infrastructure Partners (GIP), a BlackRock company, has entered into a definitive agreement to acquire a 49.99% interest in Eni CCUS Holding, a global CCUS platform. The partnership will support development of Eni CCUS projects across the UK, the Netherlands, and Italy, with an option to participate in future Ravenna CCS activity and potential satellite opportunities tied to Eni’s depleted oil and gas fields.