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Wind Turbines in the State of Washington

Ontario Teachers’ and Macquarie Asset Management complete acquisition of stake in Puget Holdings

New York and Toronto – Macquarie Asset Management (“MAM”) and Ontario Teachers’ Pension Plan Board (“Ontario Teachers'”) today announced the closing of an agreement to jointly acquire a 31.6 per cent stake in Puget Holdings (“Puget”) from Canada Pension Plan Investment Board (“CPP Investments”). The close of the transaction comes after approval by regulatory agencies including the Washington State Utilities and Transportation Commission and the Federal Energy Regulatory Commission.

Puget’s primary operating subsidiary, Puget Sound Energy (“PSE”), is the oldest and largest electric and natural gas utility in the State of Washington, serving approximately 1.2 million electric customers and 900,000 natural gas customers.

“We are thrilled to be reinvesting in Puget, a high-quality company with core infrastructure assets,” said David Fass, Head of Macquarie Asset Management, Americas. “Washington State is at the forefront of clean energy policy in the US, and this transaction underscores our commitment to provide our clients with relevant investment opportunities in the green energy transition.”

We are pleased to close this transaction and become shareholders in Puget, expanding our global portfolio of high-quality core infrastructure assets,” said Kevin Kerr, Managing Director and Head of Americas for Infrastructure & Natural Resources at Ontario Teachers’. “We believe PSE will play a key role in decarbonizing Washington State’s power generation in the coming years, which is consistent with our own efforts to achieve net-zero greenhouse gas emissions by 2050.”  

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone.  Trusted by institutions, pension funds, governments, and individuals to manage more than $US531billion[1]  in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure & renewables, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs more than 17,000 people in 33 markets and is listed on the Australian Securities Exchange. For more information, please visit

About Ontario Teachers’ Pension Plan Board

Ontario Teachers' Pension Plan Board (Ontario Teachers') is the administrator of Canada's largest single-profession pension plan, with C$227.7 billion in net assets (all figures at June 30, 2021 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region offices are located in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as at January 1, 2021, invests and administers the pensions of the province of Ontario's 331,000 active and retired teachers. For more information, visit

[1] All Macquarie figures as at 30 September 2021.

Media Contact:

Dan Madge
+1 416 419 1437