Overview

• The five-member Minnesota Public Utilities Commission voted unanimously to clear the takeover of Allete, parent of Minnesota Power, by a BlackRock subsidiary and the Canada Pension Plan Investment Board.
• Conditions include no base‑rate increase requests before November 2026, $50 million in bill credits, $50 million for a carbon‑free technology fund, a $10 million efficiency fund, a five‑year cap on a profit metric, governance transparency measures, and workforce protections.
• Opposition from the state attorney general’s office and major industrial customers warned of higher bills and less accountability, and an administrative law judge had earlier recommended rejecting the deal.
• Supporters, including the Walz administration and building trades unions, argued the new owners can supply capital for the energy transition and compliance with Minnesota’s 100% carbon‑free by 2040 mandate.
• The transaction offers $67 per share at a 19% premium and assumes about $2.3 billion in debt, leaves PUC oversight over rates and projects, and sets ownership at 60% for Global Infrastructure Partners with the remainder held by CPP; Minnesota Power serves about 150,000 customers as demand pressures grow, including a potential Google data center in its territory.