The acquisition of UPPCO
is consistent with BBIP Investors' strategy to invest in the key essential infrastructure sectors of energy, transportation and utilities in North America and Western Europe, according to the firm.
provides distribution and power supply services to about 52,000 industrial, commercial and residential clients in the Upper Peninsula of Michigan.
buys Presque Isle, Cliffs has agreed in principle to purchase a significant portion of the power required by its iron ore mines from the plant until 2020.
On behalf of BBIP Investors, the company acquired Upper Peninsula Power Company (UPPCO
) from Integrys Energy Group (NYSE:TEG).
US energy holding company Integrys Energy Group Inc (NYSE:TEG) said it had agreed to sell its electric utility subsidiary Upper Peninsula Power Company (UPPCO
) to UK infrastructure investment fund Balfour Beatty Infrastructure Partners LP (BBIP) for some USD298.8m (EUR220.5m).
Energy company Integrys Energy Group Inc (NYSE:TEG) said on Monday that it has signed a definitive agreement to sell 100% of the stock of Upper Peninsula Power Company (UPPCO
) to the infrastructure equity investment fund BBIP (Balfour Beatty Infrastructure Partners LP).
operates 10 generation units, seven of which are hydropower plants.