Macquarie Asset Management and Ontario Teachers’ complete acquisition of stake in Puget Holdings

Macquarie Asset Management (MAM) via Macquarie Global Infrastructure Fund and Ontario Teachers’ Pension Plan Board (Ontario Teachers') today announced the closing of an agreement to jointly acquire a 31.6 per cent stake in Puget Holdings (Puget) from Canada Pension Plan Investment Board (CPP Investments). The close of the transaction comes after approval by regulatory agencies including the Washington State Utilities and Transportation Commission and the Federal Energy Regulatory Commission.

Puget’s primary operating subsidiary, Puget Sound Energy (PSE), is the oldest and largest electric and natural gas utility in the State of Washington, serving approximately 1.2 million electricity customers and 900,000 natural gas customers.

“We are excited to be reinvesting in Puget, a high-quality company with core infrastructure assets,” said David Fass, Head of Macquarie Asset Management, Americas. “Washington State is at the forefront of clean energy policy in the US, and this transaction underscores our commitment to seeking relevant investment opportunities in the green energy transition.”

“We are pleased to close this transaction and become shareholders in Puget, expanding our global portfolio of high-quality core infrastructure assets,” said Kevin Kerr, Managing Director and Head of Americas for Infrastructure & Natural Resources at Ontario Teachers’. “We believe PSE will play a key role in decarbonizing Washington State’s power generation in the coming years, which is consistent with our own efforts to achieve net zero greenhouse gas emissions by 2050.”

About Ontario Teachers’ Pension Plan Board

Ontario Teachers' Pension Plan Board (Ontario Teachers') is the administrator of Canada's largest single-profession pension plan, with C$227.7 billion in net assets (all figures at June 30, 2021 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region offices are located in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as at January 1, 2021, invests and administers the pensions of the province of Ontario's 331,000 active and retired teachers. For more information, visit otpp.com.