CPP Investments Eyes Lowering Stake in Low-Credit Rated Puget Energy
Posted on 03/09/2021
The Canada Pension Plan Investment Board (CPP Investments) is contemplating lowering its ownership stake in utility Puget Energy Inc. CPP Investments hired an adviser to lower its 31.6% stake by around 10%. CPP Investments would like to get around US$ 700 million for the stake, valuing Puget Energy with an enterprise value of up to US$ 7 billion. Puget Energy’s main operating unit is Puget Sound Energy. Puget Sound Energy is the largest electric and gas utility based in Washington. In January 2021, Puget Sound Energy announced plans to reduce its carbon emissions to net zero by 2045.