19.8 C

Canadian Pension Fund is reportedly considering cutting its stake in Puget Energy, the largest utility company in Washington state

The Pension Plan Investment Board of Canada is considering selling its stake in Utility Puget Energy, according to acquaintances.

The investment group is working with a consultant to reduce its 31.6% stake by about 10 percentage points, say people who ask not to be identified because they do not have the right to speak publicly. Sales are expected to reach $ 700 million, with Puget Energy estimating up to $ 7 billion, including debt, people say.

A spokesman for Puget Energy, based in Bello, sent a request to CPPIB, which declined to comment.

CPPIB was part of a group that took over Puget in 2009, along with Macquarie Group Ltd., British Columbia Investment Management Corp. and Alberta Investment Management Corp., according to a statement on its website. in: Macquarie sold its stake to its new sponsors in 2019.

According to its annual report, Puget Energy’s main operating unit, Puget Sound Energy, is the largest electric and gas utility company in Washington. In January, the company announced that it intends to reduce carbon emissions to zero by 2045.

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