September 4, 2025

At BCI, we recognize that energy infrastructure investments present compelling opportunities to generate sustainable, long-term returns while supporting communities’ transition to cleaner energy solutions. Our investment in Puget Sound Energy (PSE), Washington State’s oldest and largest energy utility, demonstrates our commitment to building essential infrastructure that powers economic growth and fosters environmental stewardship throughout the Pacific Northwest.

For more than 150 years, Puget Sound Energy has fueled the growth of local communities in one of the most innovative regions in the world. Today, it operates an expansive 6,000-square-mile territory across 10 counties, delivering safe and reliable electricity at a reasonable cost to approximately 1.2 million customers and natural gas to 900,000 more. With a workforce of about 3,200 employees, PSE ensures energy security for both residential and business customers in this diverse, rapidly growing region. The company currently manages a broad portfolio of energy resources – including hydroelectric, natural gas, coal, solar, biomass and wind – to meet evolving demands, while investing in critical infrastructure that improves system reliability, safety, and supports community growth. To meet targets under Washington State’s Clean Energy Transformation Act, PSE plans to fully phase out all coal-based electric generation by the end of 2025 and it is continuously seeking to procure additional renewable and non-emitting resources. As well, its energy efficiency programmes have helped PSE customers conserve nearly 5 billion kilowatt-hours of electricity and almost 50 million therms (a measure of heat energy) of natural gas. 

PSE is one of BCI’s largest and longest standing infrastructure investments, managed through our Infrastructure & Renewable Resources (I&RR) program. BCI initially acquired an equity interest in PSE as part of a consortium of long-term infrastructure investors in 2009 and has continued to re-invest and strengthen its equity stake over time. BCI’s investment in PSE centers on the utility’s position as a well-managed, high-quality core infrastructure company that continues to align with the long-term investment objectives of our clients.  

Clean Energy Transition 

PSE was an early adopter of cleaner, renewable energy initiatives, from establishing one of the largest energy efficiency programs in the nation to building its first wind facility in 2005. PSE continues to lead Washington State’s shift to clean energy, with a bold energy transition strategy anchored in renewable resources and environmental stewardship supported by comprehensive state climate laws which provide the framework for PSE’s goals. The utility is balancing a reduction in carbon emissions with a steadfast commitment to providing reliable, safe, affordable, and equitable energy for its customers.  

To achieve these goals, PSE is focusing on four pillars: 

• Utility-scale renewables: adding significant new wind, solar, hydroelectric, and battery storage resources, such as the Clearwater Wind and Energy Keepers in Montana and Vantage Wind Energy in Washington. 

• Grid modernization: deploying advanced technologies and smart meters to accommodate distributed energy resources and empower customers with detailed, timely energy insights. 

• Customer programs: through initiatives in energy efficiency, demand response, and customer-owned solar and battery storage, PSE projects nearly 200MW of annual contributions to its energy mix by the end of 2025. 

• Energy equity and accessibility: engaging directly with vulnerable and highly impacted communities, refining program designs, expanding community-based renewables, and ensuring the benefits of clean energy are shared across all customer groups. 

 PSE is committed to providing 80 per cent of its electricity supply from carbon-free resources by 2030, in accordance with the Clean Energy Transformation Act. The company’s latest renewable energy project is the Beaver Creek Wind Facility in Stillwater County, Montana. This large-scale wind farm includes 88 wind turbines and became fully operational in August 2025. Beaver Creek has a nameplate capacity of 248MW – enough to power approximately 83,000 homes annually.  

The company also actively pilots emerging technologies, such as hydrogen, to further reduce emissions and strengthen regional decarbonization. With a strategic emphasis on renewable energy development, PSE positions itself to meet the state’s decarbonization mandates while supporting the region’s dynamic population and economic expansion.

Looking Ahead 

BCI’s partnership with Puget Sound Energy exemplifies our commitment to investing in essential infrastructure that supports thriving communities while advancing environmental progress. As the Pacific Northwest continues to experience robust economic growth and increasing demand for safe, reliable, affordable, and equitable clean energy, we believe PSE is exceptionally well-positioned to deliver value for all stakeholders while contributing to a more sustainable energy future. Through our continued partnership, BCI supports PSE’s ongoing efforts to power Washington State’s growth with innovation, reliability, and environmental responsibility.