By Kimberly Chin

An affiliate of Singapore's sovereign wealth fund GIC Private Ltd. has agreed to acquire a 19.9% minority interest in Duke Energy Indiana, a Duke Energy Corp. subsidiary, for $2.05 billion.

Duke said the deal boosts the company's growth potential and increases its long-term adjusted earnings-per-share growth rate of 5% to 7% through 2025 from its previous outlook of 4% to 6%.

The company expects adjusted earnings in the range of $5 to $5.30 a share for fiscal 2021.

The transaction's proceeds, which will be received in two separate phases, will be used to fund the company's five-year capital plan to speed up its clean energy transition as well for growth investments within its portfolio of regulated utilities, Duke said.

"With this agreement, Duke Energy is well positioned to effectively finance our robust investment plan in a clean energy future and continue delivering sustainable value to our investors," said Chief Executive Lynn Good in prepared remarks.

Duke will continue to be the majority owner of the subsidiary and sole operator.

The company expects the first phase of the deal to close in the second quarter. Duke has discretion to decide the timing of the second closing, which will be no later than January 2023, it said.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

01-28-21 1825ET