Brookfield controlled Enwave closes asset acquisition from Veresen

CPE News

pcJ News Briefs – Enwave Energy Corporation, a portfolio company of Brookfield Infrastructure, has closed previously announced acquisition of London District Energy and PEI District Energy from Veresen Inc. (TSX: VSN). Financial terms were not disclosed.

On February 21, 2017, Veresen entered into three separate agreements to sell its power generation business for $1.18 billion, including project level financing of $402 million.

On June 23, 2017, Enwave closed acquisition of district energy systems in Los Angeles, Portland and Las Vegas.

Enwave Energy Corporation is a private corporation owned by Brookfield Infrastructure and its institutional partners.

photo credit: Veresen

News Release

Enwave Expands Canadian Presence

TORONTO, July 05, 2017 (GLOBE NEWSWIRE) — Enwave Energy Corporation (“Enwave”) is pleased to announce the completion of the acquisition of the district energy systems in London, Ontario and Charlottetown, Prince Edward Island from Veresen Inc.

The London system serves 60 customers with steam (200,000 pph capacity) and chilled water (4,200 ton capacity) and uses cogeneration (18 MW capacity) to sell electricity to the grid.

The Prince Edward Island system serves over 100 customers with hot water (250,000 pph capacity) through the use of bio-mass, municipal waste to energy, and fuel oil.

Enwave has offered employment to all existing employees.

“The acquisition of the London and PEI systems expands our network and capabilities with two systems having a very strong track record for delivering sustainable energy solutions,” said John Peri, Enwave President and CEO. “With an experienced operating team and an established customer base, the district energy systems will deliver long-term value for our partners and stakeholders. We see significant growth opportunities to expand the capabilities and capacity in both markets to better serve our existing and future customers.”

About Enwave

Enwave Energy Corporation, a private corporation owned by Brookfield Asset Management and its institutional partners, is a fully integrated, sustainable energy services provider with operations in Toronto, Chicago, Houston, Las Vegas, New Orleans, Seattle, Windsor, Los Angeles, Portland, London and PEI. In each community, the company operates highly efficient thermal energy plants that distribute steam, hot water and/or chilled water to customer buildings.

Contact

John Peri
Chief Executive Officer
Enwave Energy Corporation
Phone: (416) 393-8025
Email: Jperi@enwave.com