(Merrillville, IN) - NISource, the parent company of NIPSCO, has completed the issuance of a 19.9% indirect equity interest in the utility serving northern Indiana.

 

The buyer of the equity interest is Blackstone Infrastructure, which acquired what was described as the non-controlling equity interest in NIPSCO Holdings II LLC. NiSource still owns 80.1 percent of the LLC.

 

Blackstone Infrastructure is an active perpetual capital investor across the utility, energy transition, transportation, digital infrastructure, and water and waste infrastructure sectors.

 

According to NiSource, Blackstone Infrastructure seeks to apply a long-term buy-and-hold approach to large-scale infrastructure assets and is focused on responsible stewardship and stakeholder engagement to create value for its investors and the communities it serves. The firm is committed to investing in NIPSCO's energy transition and decarbonization programs, as well as helping to increase gas and electric grid resiliency for the customers of Indiana, according to NiSource.

 

NiSource intends to use the capital infusion to support its fastest-growing utility and its ability to serve customers, strengthen its balance sheet, and fund ongoing capital needs associated with the renewable generation transition underway.

 

Since 2018, NIPSCO has been executing one of the fastest transitions from coal-fired electricity in the U.S.  

 

“We are pleased to announce the completion of this transaction and are excited about the long-term partnership we have entered into with Blackstone,” said NiSource president and CEO, Lloyd Yates.

 

“The transaction strengthens our balance sheet, supports our financing plan, and provides greater flexibility to execute on high-quality capital investments that will enhance the safety, reliability, and sustainability of our gas and electric systems for the benefit of our customers,” he said.