Upper Peninsula Power Co. (UPPCO), the largest electric utility in Michigan’s Upper Peninsula, has signed an agreement to transfer Basalt Infrastructure Partners’ interest in UPPCO to Axium Infrastructure. Financial terms were not disclosed.
“We’re excited to attract the interest of Axium, a well-respected investment firm, in support of our long-term strategy,” said Jim Larsen, CEO of UPPCO. “This change in investors helps support UPPCO’s plans to develop new renewable energy resources that will benefit our customers — and our region.”
Axium’s investment portfolio currently includes a significant focus on renewables, such as several solar and wind projects.
Brett French, UPPCO’s vice president of business development and communications, said the agreement will have no impact on day-to-day operations. UPPCO will continue to provide safe, reliable energy to its customers while increasing its focus on renewable energy.
According to UPPC
