Upper Peninsula Power Company Sold
BBIP Investors has acquired Upper Peninsula Power Company (UPPCO) from Integrys Energy Group.
The acquisition of UPPCO is consistent with BBIP Investors’ strategy to invest in the key essential infrastructure sectors of energy, transportation and utilities in North America and Western Europe. The transaction was announced at the signing of definitive documentation in January 2014 and was approved by the Michigan Public Service Commission on June 6, 2014, and by the Federal Energy Regulatory Commission on August 20, 2014.
UPPCO is a regulated electric utility business that provides distribution and power supply services to nearly 52,000 residential, commercial and industrial customers in the Upper Peninsula of Michigan. UPPCO was formed in 1947 through the merger of three small utilities and was acquired by Integrys in 1998.
Under the terms of the agreement, BBIP Investors are acquiring UPPCO’s electricity distribution and generation operations, excluding its American Transmission Company holdings.
Photo of Upper Peninsula lighthouse via Shutterstock.
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