RTTNews | Sep 8, 2021 12:40PM EDT

12:40 Wednesday, September 8, 2021 (RTTNews.com) - Duke Energy (DUK) Wednesday said it has completed the first of a two-phase sale deal with GIC. The company said it received cash proceeds of $1.025 billion in exchange for an 11.05% minority interest sale of Duke Energy Indiana, a subsidiary of Duke Energy, to an affiliate of GIC Pvt. Ltd.

Under the deal, GIC will acquire a 19.9% indirect stake in Duke Energy Indiana for a total price of $2.05 billion in two separate phases.

Duke Energy plans to use the proceeds to fund its $59 billion capex plan and satisfy all equity capital raising needs through 2025.

"We are pleased to have GIC as a long-term investor in DEI, underscoring the value and growth potential of our Indiana operations," said Lynn Good, Duke Energy's chair, president and chief executive officer. "This transaction will allow us to accelerate our clean energy strategy across our regulated utilities and continue delivering sustainable value to our customers, communities and investors."

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