BlackRock Targets Minnesota Power for AI, Risks Higher Utility Bills
BlackRock’s Power Play BlackRock, the world’s largest asset manager, proposed a $6.2 billion acquisition of Minnesota Power’s parent, ALLETE, in 2024. The deal, led by BlackRock’s Global Infrastructure Partners and Canada Pension Plan Investment Board, targets 150,000 customers in northern Minnesota. Minnesota Power owns power plants and thousands of miles of transmission lines, ideal for...
- Midhat Tilawat
- July 17, 2025