Energy Choice
                            

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30% Share of Parent of Power Marketer, Utility With Retail Choice To Be Acquired By Pension Fund, Consortium

July 6, 2016

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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

DQE Holdings LLC, the parent of utility Duquesne Light Company and wholesale power marketer Duquesne Power, LLC, has sought FERC approval for a transaction under which a consortium owned by a pension fund and John Hancock would acquire a 30% stake in DQE Holdings

Specifically, the Duquesne companies sought approval of a transaction under which Three Rivers Utility Holdings, LLC will acquire the 30.4% membership interests in DQE Holdings LLC currently held by CLH Holdings, GP

Stichting Depositary PGGM Infrastructure Funds, acting in its capacity as title holder of PGGM Infrastructure Fund 2016, and represented by PGGM Vermogensbeheer B.V. as its attorney-in-fact, owns 66.67% of the membership interests in Three Rivers. PGGM is a Dutch pension fund service provider that manages pensions for different pension funds, the affiliated employers and their employees

John Hancock Life Insurance Company (U.S.A.), John Hancock Life Insurance Company of New York, and John Hancock Life & Health Insurance Company collectively own the remaining 33.33% of the membership interests in Three Rivers

CLH Holdings' partners are Macquarie Global Infrastructure Fund IIA, Macquarie Global Infrastructure Fund IIB and funds managed by Macquarie Infrastructure Partners Inc, all in proportion to their shareholding interest in DQE Holdings. The collective ownership of CLH by funds managed by Macquarie Infrastructure Partners is 78.2% and those managed by Macquarie Global Infrastructure Funds II is 21.8%. CLH currently holds 30.4% of the membership interests of DQE Holdings

The remaining equity interests in DQE Holdings will continue to be held by a consortium of investors.

The investor consortium which owns DQE Holdings is today comprised of the following membership interests: (1) Government of Singapore Investment Corporation Pte Ltd (GIC) (31.0%); (2) Macquarie Infrastructure Partners, investing through CLH (30.4%); (3) Industry Funds Management, investing through IFM Global Infrastructure (Cayman) Fund (25.2%); (4) First State Super (6.6%); and (5) State Super, investing through Duquesne Utilities Trust (6.8%).

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