Ice Miller LLP represented GIC in its acquisition of a minority interest in Duke Energy Indiana (“DEI”), serving as Indiana counsel for the transaction. This is the first of a two-part transaction between GIC and Duke Energy (NYSE:DUK) in which GIC acquired an 11.05 percent interest in DEI for $1.025 billion.

The second phase of the transaction, which is slated to occur no later than January 2023, will increase GIC’s interest in GIC to 19.9 percent for a total of $2.05 billion.

GIC is an affiliate of GIC Private Limited  and an experienced investor in U.S. infrastructure.

Proceeds from the transaction will fund Duke Energy’s increased $58 to $60 billion capital plan – a five-year plan that will accelerate its clean energy transition – and redeploy capital to support increased growth investments within its portfolio of regulated utilities.

Partner Steve Krohne led the Ice Miller team along with Partner Don Snemis, Senior Counsel Mike Cracraft and Associate Lauren Baldwin.