Blackstone’s infrastructure unit has agreed to invest $2.41bn in Northern Indiana Public Service Company, a unit of NiSource.

NiSource said an affiliate of Blackstone Infrastructure Partners will pay $2.16bn for a 19.9% indirect non-controlling equity interest in Northern Indiana Public Service Company.

Blackstone also made an additional equity commitment of $250m to fund ongoing capital requirements.

Sebastien Sherman, senior managing director of Blackstone Infrastructure, said the deal “underscores Blackstone’s commitment to decarbonisation to create value for our investors and our desire to help facilitate the reindustrialisation of the Midwest”.

Source: Financial News