BlackRock Acquisition of Allete and Utility Takeovers
One of 10,000+ projects Taiyo tracks in Minnesota.
Source: Truthout
BlackRock's infrastructure arm, Global Infrastructure Partners (GIP), announced a $6.2 billion deal in May 2024 to acquire Allete and take the company private. The acquisition was approved by Minnesota state regulators in October 2025 despite significant community opposition and a critical administrative law judge's report recommending against the deal. BlackRock aims to turn Allete from a publicl
- Status
- Prospective
- Sector
- Power Transmission, Power Generation (CCGT)
- Location
- Minnesota, United States of America
- Updated
- 22 Jul 2026
- Source
- Truthout
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Project Information
Participants
| Not available for this record. |
Status
Original status | approved |
Taiyo status | Prospective |
Taiyo last update | 2026-07-22 |
Contact
| Not available for this record. |
Description
Description | BlackRock's infrastructure arm, Global Infrastructure Partners (GIP), announced a $6.2 billion deal in May 2024 to acquire Allete and take the company private. The acquisition was approved by Minnesota state regulators in October 2025 despite significant community opposition and a critical administrative law judge's report recommending against the deal. BlackRock aims to turn Allete from a publicly traded company into a private one and is also pursuing other utility acquisitions such as AES and TXNM Energy. This trend is driven by the boom in data centers, which are massive consumers of electricity, and the guaranteed rates of return that utilities offer. Critics warn that private equity ownership could lead to higher rates, reduced transparency, and inferior service. |
Original sector | Energy |
Budget |
Location
Country | United States of America (USA) |
State | Minnesota |
Source
Source | Truthout |
URL |
More Details
Record type | Project |
Sector | Power Transmission, Power Generation (CCGT) |
Article published date | 2025-11-14 |
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