Agreement provides commitments with respect to workforce retention, as well as maintaining compensation levels and benefits programs and honoring union contracts. We will also work with our new partners to offer career growth opportunities for our teams.
Partnership strengthens ALLETE’s ability to provide safe, reliable energy, with no expected impact on retail or municipal rates for utility customers. Together, we will build on our 100+ year history of providing reliable, affordable energy to customers who are depending on us.
ALLETE’s Minnesota Power and Superior Water, Light and Power (SWL&P) will continue as independently operated, locally managed, regulated utilities. Bethany Owen will continue as Chief Executive Officer and the current management team will continue to lead ALLETE. ALLETE will continue to be headquartered in Duluth, Minnesota.
CPP Investments and GIP share our commitments to a clean-energy future and achieving carbon-free goals of the respective states in which ALLETE and its companies operate. Through this partnership, we will have access to capital and further expertise in the sector so we can focus on executing our ambitious strategy including significant additions of renewable assets, carbon-reduction investments, and inter-regional reliability enhancing transmission infrastructure.
ALLETE and its family of businesses and the Minnesota Power Foundation will continue to make economic and charitable contributions in service territories to support vibrant and sustainable communities, close opportunity gaps, and help people of all ages live with purpose and passion. ALLETE will continue to invest corporate resources and employee volunteer hours to help build thriving communities.
“Through this transaction with CPP Investments and GIP, we will have access to the capital we need while keeping our customers, communities and co-workers at the forefront of all that we do, with continuity of our day-to-day operations, strategy and shared purpose and values. CPP Investments and GIP have a successful track record of long-term partnerships with infrastructure businesses, and they recognize the important role our ALLETE companies serve in our communities as well as our nation’s energy future."
“ALLETE’s management team has done an excellent job leading the company toward a truly sustainable clean-energy future. Together with GIP, we look forward to bringing our sector expertise and long-term capital to support ALLETE’s strong management team as they continue to deliver safe, reliable, affordable energy services to their customers. ALLETE is at the forefront of the clean energy transition and we are thrilled to support the delivery of the company’s ‘Sustainability-in-Action’ strategy, which we believe will generate substantial value both for ALLETE’s customers and CPP contributors and beneficiaries.”
“We are excited to work with Bethany Owen and the full ALLETE team as they continue to supply affordable and reliable energy services. GIP, alongside CPP Investments, look forward to partnering to provide ALLETE with additional capital so they can continue to decarbonize their business to benefit the customers and communities they serve. Bringing together ALLETE, with its demonstrated commitment to clean energy, with GIP, one of the world’s premier developers of renewable power, furthers our commitment to serve growing market needs for affordable, carbon-free and more secure sources of energy.”