Who owns Generation Holdings II LLC (sole owner of "GenCo", NiSource's generation-development subsidiary)

Generation Holdings II LLC (sole owner of "GenCo", NiSource's generation-development subsidiary) - Profile

Generation Holdings II LLC is the holding entity that owns NIPSCO Generation LLC, known as GenCo, an unregulated power development company in northern Indiana. GenCo exists to build, own and operate generating plants, battery storage and associated transmission for large electricity users, chiefly the data center campuses Amazon is developing in the service territory of Northern Indiana Public Service Company. Under a fifteen year electric service agreement it is contracted to supply up to 3 gigawatts of capacity to Amazon Data Services, a build out that NiSource has put at close to 7 billion dollars. The structure keeps that construction cost outside the regulated utility rate base, so the data center customer funds the plant it needs while surplus output and capacity payments flow back to the utility's existing ratepayers. Blackstone Infrastructure Partners took a minority stake in Generation Holdings II in October 2025 under a purchase and sale agreement that funded the venture through capital contributions.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• NiSource Inc.. FY2025 10-K: 'In October 2025, NiSource issued a 19.9% equity interest in NiSource's wholly-owned subsidiary Generation Holdings II to BIP Orion Holdco L.P. and BIP Orion Holdco II L.P., affiliates of Blackstone...in exchange for $35.2 million in cash contributions...through an Amended and Restated Limited Liability Company Agreement of Generation Holdings II.' Under that agreement Blackstone Investor may contribute up to $1.325 billion more over seven years (backed by a Blackstone Equity Commitment Letter), which could in principle change the percentage split over time, but the Q2 2026 10-Q (period 30 Jun 2026) restates the same 19.9% equity interest with no change, so 80.1% (100% - 19.9%) is used as NiSource's current retained stake. Generation Holdings II is consolidated as a VIE with NiSource as primary beneficiary. As with NIPSCO Holdings II, the instrument is an unlisted LLC equity/percentage interest, not common stock, so shares and value_usd are left null; no current fair value is disclosed. The GenCo noncontrolling-interest balance sizes Blackstone's 19.9%, not NiSource's own 80.1%, and was not applied here. sourcesource 2