Enwave Energy Corp has closed its acquisition of the district energy systems in London, Ontario and Charlottetown, Prince Edward Island from Veresen Inc, a Calgary energy infrastructure company. No financial terms were released. Toronto-based Enwave, an integrated energy services provider, said the deal expands its network and capabilities as well as its presence across Canada. Enwave is owned by Brookfield Asset Management and its institutional partners. Brookfield acquired the business from Borealis Infrastructure and the City of Toronto for $480 million in 2012.
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.”
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.
Chief Executive Officer
Enwave Energy Corporation
Phone: (416) 393-8025
Photo courtesy of Enwave Energy Corp