pcJ News Briefs – BluEarth Renewables LP, a portfolio company of Ontario Teachers’ Pension Plan (OTPP), has acquired four operating renewable energy facilities from Veresen Inc. (TSX: VSN), including three run-of-river hydro facilities in British Columbia and one wind facility in Ontario. Financial terms were not disclosed.
Blake, Cassels & Graydon LLP acted as legal counsel and RBC Capital Markets acted as financial advisor to BluEarth for the acquisition.
photo credit: BlueEarth
News Release
BluEarth Acquires Operating Renewable Energy Facilities
Calgary, Alberta – September 18, 2017 – BluEarth Renewables LP (BluEarth) is pleased to announce it has completed the acquisition of four operating renewable energy facilities from Veresen Inc., including three run-of-river hydro facilities in British Columbia and one wind facility in Ontario. These facilities have a weighted average contract life of 22 years and represent 85 megawatts (MW). Financial terms of the acquisition are confidential.
“In addition to pursuing greenfield opportunities, BluEarth’s growth strategy includes pursuing targeted acquisitions where we can take full advantage of our existing footprint and operational bench strength,” said Grant Arnold, BluEarth’s President & Chief Executive Officer. “With this acquisition, we now have a portfolio of over $1.7 billion of renewable energy facilities in operation and construction.”
Mr. Arnold added, “In just seven short years, we have built one of the strongest portfolios of long-term contracted renewable energy assets, a strong balance sheet supported by our strategic owner, Ontario Teachers’ Pension Plan Board, and one of the most experienced, passionate and dedicated teams in our industry. Beyond our operated facilities and those under construction, we also have a robust development portfolio across Canada. We are proud to show how business can be sustainable and profitable, leaving the world a better place.”
Blake, Cassels & Graydon LLP acted as legal counsel and RBC Capital Markets acted as financial advisor to BluEarth for the acquisition.
About BluEarth Renewables Inc.
Headquartered in Calgary, BluEarth is a private, independent renewable power producer, focused on the acquisition, development, construction, and operation of wind, water, and solar projects. BluEarth’s majority shareholder is the Ontario Teachers’ Pension Plan Board. BluEarth’s mission is to be a Canadian based renewable energy leader by developing, building, and operating a portfolio that optimizes people, planet, and profit. BluEarth believes it has The Power to Change the FutureTM by demonstrating how to be sustainable and profitable, leaving the world a better place. For more information, visit www.bluearth.ca or follow us on twitter @BERenewables.
For more information, contact:
Dorreen Miller
Director, Communications
BluEarth Renewables
(587) 324-4238
media@bluearth.ca