DIF Infrastructure to acquire BluEarth Renewables from OTPP

Ontario Teachers’ Pension Plan (OTPP) and DIF Infrastructure V have entered into an agreement for the transfer of ownership of BluEarth Renewables LP.

Subject to regulatory approvals and consents, DIF Infrastructure V will own 100% of BluEarth upon closing.

DIF Infrastructure V, a €1.9 billion 2017-vintage fund, targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects. The fund targets both greenfield and brownfield projects in primarily Europe, North America and Australasia.

In 2010, Ontario Teachers’ Pension Plan initially invested $75 million in BlueEarth, joining ARC Financial Corp as a minority shareholder. OTPP’s investment brought the total equity investment in BluEarth to over $160 million from ARC Financial, OTPP, management and other investors.

In July 2015, OTPP bought out ARC Financial and minority shareholders, with BluEarth management and employees maintaining an ownership stake.

BluEarth Renewables is a leading, independent, power producer that acquires, develops, builds, owns and operates wind, hydro and solar facilities across North America.

photo credit: BluEarth

News 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

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.