Upper Peninsula Power Company (UPPCO) is announcing an agreement has been signed that will transfer Basalt Infrastructure Partners interest in UPPCO to Axium Infrastructure (Axium).
“We’re excited to attract the interest of Axium, a well-respected investment firm, in support of our long-term strategy,” said Jim Larsen, UPPCO’s Chief Executive Officer. “This change in
investors helps support UPPCO’s plans to develop new renewable energy resources that will benefit our customers [and our region]. UPPCO will continue to provide safe, reliable energy to our customers while increasing our focus on renewable energy.”
Axium is an independent portfolio management firm dedicated to long-term investments. Axium’s investment portfolio includes a significant focus on renewables, including several solar and wind projects.
“It’s Business as Usual,” said Brett French, UPPCO’s Vice President of Business Development and Communications. “No impacts on day-to-day operations are expected for UPPCO’s customers or employees as a result of this agreement.”
As a regulated energy company, certain approvals will be required prior to a change in ownership, including from the Michigan Public Service Commission and the Federal Energy Regulatory Commission.
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