Ontario Teachers’ Pension Plan has agreed to sell BluEarth Renewables LP, a Calgary-based builder, owner and operator of wind, hydro and solar facilities, to DIF, a Dutch infrastructure investment firm.
No financial terms were released for the deal, which is expected to close later this year.
Following the close, DIF will own 100 percent of BluEarth, the company said.
Ontario Teachers’ invested in BluEarth alongside Canadian energy private equity firm ARC Financial Corp when the business was established in 2010.
Ontario Teachers’ acquired ARC’s interest in 2015. The year before, BluEarth said it had raised more than $250 million in equity from its investor base.
BluEarth is led by President and CEO Grant Arnold.
PRESS RELEASE
BluEarth Renewables Announces Execution of Agreement for Change in Ownership
May 15, 2019
Calgary – BluEarth Renewables LP (“BluEarth”) is pleased to announce that Ontario Teachers’ Pension Plan and DIF Infrastructure V (“DIF V”), an independent infrastructure fund, have executed an agreement for the transfer of ownership of BluEarth Renewables.
“We are very pleased with this transaction and we are excited to start a new chapter in BluEarth’s history with DIF V,” said Grant Arnold, President and Chief Executive Officer of BluEarth Renewables. “We have had great success with Ontario Teachers’ as a founding shareholder, and we look forward to continuing to grow our platform model, including our focus on U.S. growth, with the support of DIF V.”
This transaction is subject to receipt of usual and customary regulatory approvals and consents. Closing is expected to take place in the course of 2019. Upon closing, DIF V will own 100% of BluEarth.
About BluEarth Renewables
BluEarth Renewables brings together extraordinary people with the power to change the future
by delivering renewable energy to the power grid every day. We are a leading, independent, power producer that acquires, develops, builds, owns and operates wind, hydro and solar facilities across North America. Our portfolio includes 333 MW net (405 MW gross) of nameplate capacity in operation and under construction and over 1,000 MW under development. For more information, visit bluearthrenewables.com or follow us on twitter @BErenewables.
For further information:
Dorreen Miller
Director, Communications
BluEarth Renewables
(587) 324-4238
media@bluearth.ca