Energy Acquisitions in Minnesota

Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) completed a cash acquisition of ALLETE, Inc., acquiring all outstanding common shares for $67 per share after Minnesota regulatory approval. The buyers committed roughly $200 million in customer and community benefits and pledged funding for ALLETE’s five-year plan to strengthen transmission infrastructure and advance the company’s energy transition while leaving local management and headquarters in Duluth, Minnesota.

Glencore AG (a subsidiary of Glencore plc) completed a plan of arrangement to acquire all remaining common shares of PolyMet Mining Corp., becoming the sole beneficial owner of 100% of PolyMet. The cash consideration was US$2.11 per common share; PolyMet's head office is in St. Paul, Minnesota and the deal consolidates Glencore's ownership of the NorthMet copper‑nickel project.

BlackRock Real Assets has acquired 100% of National Renewable Solutions (NRS), a Minneapolis-based developer of utility-scale wind and solar projects, to accelerate development and ownership of NRS’s project pipeline of more than 3.5 GW across the Western United States. Terms were not disclosed; the deal pairs NRS’s on-the-ground development expertise and >1 GW of developed projects with BlackRock’s capital markets capabilities and global renewable power platform.

Pearce Renewables, a division of Pearce Services, has acquired Mortenson Energy Services to expand its operations and maintenance capabilities across utility‑scale wind, solar, EV charging, and battery energy storage infrastructure. The deal combines Mortenson’s experienced wind-service teams with Pearce Renewables’ existing brands and engineering capabilities to create a larger independent renewable‑energy service provider.

AEA Investors' Middle Market Private Equity team has closed the acquisition of SitelogIQ, a Minneapolis-based energy services and facility solutions provider. The investment positions AEA to partner with SitelogIQ's senior management to grow the business across municipal, education, healthcare and commercial end markets by expanding energy-efficiency and facilities capabilities.