Duke Energy selling 19.9% stake in Indiana utility to Singapore investment firm

A Singapore investment firm has acquired an 11-percent interest in Duke Energy’s Indiana utility subsidiary.

GIC and Duke Energy completed the first phase of a two-phase sales deal for Duke Energy Indiana. The first phase is $1.025 billion for an 11.05-percent minority stake, ultimately totaling 19.9 percent for $2.05 billion.

“We are pleased to have GIC as a long-term investor in DEI, underscoring the value and growth potential of our Indiana operations,” said Lynn Good, Duke Energy’s chair, president and chief executive officer. “This transaction will allow us to accelerate our clean energy strategy across our regulated utilities and continue delivering sustainable value to our customers, communities and investors.”

Proceeds from this transaction will help fund the company’s $59 billion capital expenditure plan and satisfy all equity capital raising needs through 2025. Duke Energy has the discretion to determine the timing of the second closing, but it will occur no later than January 2023.

Duke Energy Indiana, a subsidiary of Duke Energy, provides about 6,600 megawatts of owned electric capacity to approximately 840,000 customers in a 23,000-square-mile service area, making it Indiana’s largest electric supplier.

GIC was formed as a investment firm 40 years ago to manage Singapore’s foreign reserves.

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