MARQUETTE — Upper Peninsula Power Co., the largest electric utility in the U.P., will be acquired by Axium Infrastructure, subject to regulatory approvals, officials recently announced.

Axium Infrastructure, an investment firm with offices in Montreal, Toronto and New York, announced Monday the execution of definitive agreements for its acquisition of 100% equity interest in Upper Peninsula Holding Company — which owns 100% equity interest in Upper Peninsula Power Company — from Basalt Infrastructure partners.

UPPCO officials said in a news release issued Monday that an agreement was signed to transfer Basalt Infrastructure Partners’ interest to Axium Infrastructure.

“This change in investors helps support UPPCO’s plans to develop new renewable energy resources that will benefit our customers and our region,” UPPCO Chief Executive Officer Jim Larsen said in the release. “UPPCO will continue to provide safe, reliable energy to our customers while increasing our focus on renewable energy.”

UPPCO officials emphasized that business will continue as usual for its ratepayers and staff.

“No impacts on day-to-day operations are expected for UPPCO’s customers or employees as a result of this agreement,” Brett French, UPPCO’s vice president of Business Development and Communications, said in the release.

UPPCO, a utility rate-regulated by the Michigan Public Service Commission, serves 53,000 electric customers in the region.

UPPCO has 4,500 distribution line miles, 50 substations and 57 megawatts of owned generating capacity, coming largely from seven hydroelectric facilities located in the U.P., according to the Axium release.

“UPPCO’s experienced management and operations team will stay in place following closing of the transaction, continuing to provide safe, reliable operation of the facilities along with close engagement with local communities and all stakeholders,” Axium officials said in the release.

Axium Infrastructure is an investment firm with a portfolio that expands across all of North America with over 155 core infrastructures, a majority of which are power generating companies, according to the release. It had over $4.2 billion in assets under management as of Sept. 30, as well as around $1.1 billion in co-investments, according to the Axium release.

Axium’s investment portfolio “includes a significant focus on renewables, including solar and wind projects,” the UPPCO release states.

“Axium is proud to be acquiring UPPCO and is committed to the long-term safe, reliable operation and the addition of renewable assets to its generation portfolio,” Thierry Vandal, president of Axium Infrastructure US Inc., said in the release.

UPPCO plans to begin building a 60 megawatt utility-scale solar asset in 2022, according to the release.

The process of transferring ownership from Basalt Infrastructure Partners is just beginning, officials said.

Certain approvals, including those from the Michigan Public Service Commission and the Federal Energy Regulatory Commission, will be required in order for the transfer to advance, officials said.

“We are in the early stages of processing the approval by sending our application to the MPSC. This could take six months or so,” French said in a phone interview Wednesday.

For more information on UPPCO, visit www.uppco.com.

To learn more about Axium Infrastructure, visit www.axiuminfra.com.

Katie Segula can be reached at 906-228-2500, ext. 242. Her email address is ksegula@miningjournal.net.