BluEarth Renewables LP has acquired four operating renewable energy facilities from Veresen Inc, a Calgary-based energy infrastructure company. No financial terms were released for the deal, which saw BlueEarth pick up three run-of-river hydro facilities in British Columbia and one wind facility in Ontario. The company, a Calgary-based renewable power producer, said the acquisition brings its portfolio to more than $1.7 billion of facilities in operation and construction. BlueEarth is majority-owned by Ontario Teachers’ Pension Plan. In 2015, Ontario Teachers’ bought the BlueEarth stakes held by ARC Financial Corp and other investors.
BluEarth Acquires Operating Renewable Energy Facilities
CALGARY, Alberta, Sept. 18, 2017 (GLOBE NEWSWIRE) — 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
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.
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Photo courtesy of BlueEarth Renewables Inc