John Laing expands electrification portfolio by completing investment in Pioneer Transmission, U.S.

John Laing Group ("John Laing"), a leading international investor and active manager of core infrastructure assets, today announces that it has completed the acquisition of Duke Energy’s fifty percent equity interest in Pioneer Transmission, LLC (“Pioneer”). Completion follows satisfaction of all customary closing conditions and regulatory approvals.

The other fifty percent share is owned by American Electric Power (“AEP”).

Pioneer, along with its associated substation assets, has been efficiently and reliably enhancing interconnections and access to power plants and regional energy sources since it was placed into service in 2018. The Pioneer Transmission facilities span from Greentown Station to Reynolds Station, just west of Lafayette, Indiana.

By investing in Pioneer and Hornsea 2 Offshore Transmission Owner (OFTO) - one of the world’s largest windfarms connecting to the UK grid - John Laing has expanded its portfolio of climate-forward assets, strengthening transmission infrastructure networks to deliver reliable, scalable electrification for homes and industries.

Andrew Truscott, Chief Executive of John Laing, said: “Pioneer reinforces our focus on the transmission sector, where there is a need for significant investment to modernise and expand the grid across every region. Pioneer doesn’t just mark our first transmission asset in North America - it enhances our global portfolio of long-term operational assets that will be the backbone of decarbonisation for years to come.”

Anthony Phillips, Global Head of PPP and Head of Americas at John Laing, said: “This is an important investment for us. It aligns perfectly with our strategy in facilitating robust infrastructure to transmit power efficiently. We are looking forward to working with AEP as our partner in Pioneer Transmission.”