Blackstone Infrastructure Partners, the infrastructure unit of New York-based private equity major Blackstone, has completed the acquisition of a 19.9% stake in the Northern Indiana Public Service Company (NIPSCO) for US$2.16 billion.

The agreement, initially disclosed by NiSource, the parent company of NIPSCO, allows NiSource to retain ownership with an 80.1% stake. NIPSCO plans substantial investments in transitioning its electric generation, emphasizing the installation of new renewable generation to replace retiring coal-fired facilities. Additionally, NIPSCO aims to facilitate the growth and modernization of its gas and electric transmission and distribution systems, playing essential roles in the ongoing energy transition.