Energy Acquisitions in Minnesota
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December 15, 2025
- Buyer
- Canada Pension Plan Investment Board (CPP Investments), Global Infrastructure Partners (GIP)
- Target
- ALLETE, Inc.
- Industry
- Energy
- Location
- Minnesota, United States
- Type
- Buyout
CPP Investments and Global Infrastructure Partners (GIP) entered into a definitive agreement to acquire ALLETE for $67 per share in cash, valuing the transaction at $6.2 billion including assumed debt. The deal is expected to close in mid-2025 (later described as closing around Dec. 15, pending remaining conditions) and will take ALLETE private while delivering approximately $200 million in benefits to Minnesota Power customers and communities.
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November 7, 2023
- Buyer
- Glencore AG (Glencore plc)
- Target
- PolyMet Mining Corp.
- Industry
- Energy
- Location
- Minnesota, United States
- Type
- Buyout
Glencore AG (a subsidiary of Glencore plc) completed a plan of arrangement to acquire all remaining common shares of PolyMet Mining Corp., becoming the sole beneficial owner of 100% of PolyMet. The cash consideration was US$2.11 per common share; PolyMet's head office is in St. Paul, Minnesota and the deal consolidates Glencore's ownership of the NorthMet copper‑nickel project.
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March 28, 2022
- Buyer
- Pineapple Energy LLC
- Target
- Communications Systems, Inc.
- Industry
- Energy
- Location
- Minnesota, United States
- Type
- Buyout
Communications Systems, Inc. (CSI) entered into and then completed a merger with Pineapple Energy LLC (Pineapple), with CSI renamed “Pineapple Holdings, Inc.” and trading under the Nasdaq ticker “PEGY.” The transaction positions the combined company for residential solar, battery storage, and energy management growth and is structured to deliver value to CSI shareholders through dividends and contingent value rights (CVRs) tied to proceeds from CSI’s legacy assets.
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August 18, 2021
- Buyer
- BlackRock Real Assets (BlackRock)
- Target
- National Renewable Solutions
- Industry
- Energy
- Location
- Minnesota, United States
- Type
- Buyout
BlackRock Real Assets has acquired 100% of National Renewable Solutions (NRS), a Minneapolis-based developer of utility-scale wind and solar projects, to accelerate development and ownership of NRS’s project pipeline of more than 3.5 GW across the Western United States. Terms were not disclosed; the deal pairs NRS’s on-the-ground development expertise and >1 GW of developed projects with BlackRock’s capital markets capabilities and global renewable power platform.
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June 3, 2021
- Buyer
- Pearce Renewables (a division of Pearce Services)
- Target
- Mortenson Energy Services
- Seller
- Mortenson
- Industry
- Energy
- Location
- Minnesota, United States
- Type
- Buyout
Pearce Renewables, a division of Pearce Services, has acquired Mortenson Energy Services to expand its operations and maintenance capabilities across utility‑scale wind, solar, EV charging, and battery energy storage infrastructure. The deal combines Mortenson’s experienced wind-service teams with Pearce Renewables’ existing brands and engineering capabilities to create a larger independent renewable‑energy service provider.
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April 8, 2020
- Buyer
- AEA Investors
- Target
- SitelogIQ
- Industry
- Energy
- Location
- Minnesota, United States
- Type
- Buyout
AEA Investors' Middle Market Private Equity team has closed the acquisition of SitelogIQ, a Minneapolis-based energy services and facility solutions provider. The investment positions AEA to partner with SitelogIQ's senior management to grow the business across municipal, education, healthcare and commercial end markets by expanding energy-efficiency and facilities capabilities.
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