Merrillville-based NiSource completed a $2.16 billion deal with Blackstone Infrastructure Partners that will bolster efforts toward a renewable energy transition.
Blackstone acquired a 19.9% noncontrolling stake in the Northern Indiana Public Service Co., while NiSource owns the remaining 80.1%.
“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,” said NiSource president and CEO Lloyd Yates in a press release. “It’s important to reinforce that our commitment to Indiana remains unchanged, and we will continue to drive sustainable growth for our stakeholders.”
NIPSCO plans to transition from coal-fired energy generation by 2028. To do that, the company will invest in the installation of renewable energy sources through 2030.
Blackstone also has committed to $250 million “to fund ongoing capital requirements, strengthen NIPSCO’s financial foundation and support sustainable long-term growth.”