ALLETE Obtains Regulatory Approval from Minnesota Public Utilities Commission for Partnership with CPP Investments and Global Infrastructure Partners

ALLETE, Inc. (NYSE: ALE) (the Company) today announced that the Minnesota Public Utilities Commission (MPUC) voted unanimously to approve its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). With all required regulatory approvals secured, the transaction is expected to close in late 2025 following issuance of the MPUC’s written order.

“We are grateful to the Minnesota Public Utilities Commission for their thorough review and approval of this important and strategic partnership, and recognition this is in the public interest,” said ALLETE Chair, President and CEO Bethany Owen. “Today’s decision caps a comprehensive public process and positions ALLETE well to meet the significant infrastructure demands of the clean-energy transition without compromising the high-quality service and commitments to reliability and affordability that define our company. We are excited for this next chapter at ALLETE alongside CPP Investments and GIP, who are aligned with our values and support our Sustainability-In-Action strategy and our talented team of employees.”

Owen continued, “I would like to thank the wide range of community leaders and organizations, including labor, business and clean-energy groups, and low-income customer advocates, for their strong support for this transaction and collaboration to reach the best possible outcome for all parties. We are pleased the final approval has resulted in approximately $200 million in total Minnesota Power customer benefits through this process.”

“With this approval, ALLETE is now well-positioned to move forward toward its sustainable and clean-energy future. Together with GIP and the Company’s experienced management team, we look forward to supporting ALLETE as it seeks to enable the availability of reliable, affordable and increasingly sustainable electricity,” said Andrew Alley, Managing Director, Head of Infrastructure, North America & Australasia at CPP Investments.

“Working together with our partners from CPP Investments, we are proud to support ALLETE and its talented leadership as the company begins its next chapter,” said Jonathan Bram, a Founding Partner of GIP. “We are committed to preserving ALLETE’s legacy of intense community focus as it continues to provide safe, reliable, and affordable energy which is increasingly carbon-free for Northeastern Minnesota.”