BluEarth Renewables Inc, a renewable power producer focused on acquiring, developing and operating wind, water, and solar projects, has secured more than $81 million in follow-on equity funding. Investors in the round included Canadian private equity firm ARC Financial Corp and the Ontario Teachers’ Pension Plan, which have previously invested in the company, as well as management. The Calgary-based BluEarth, which has raised over $250 million in equity to finance its growth strategy, said it has a target of $1 billion of operating assets by 2017. Among its recent acquisitions, the company in August bought Good Light, the second of four planned solar power asset purchases from Canadian Solar Inc.
BluEarth Renewables Inc. Successfully Closes Over $81 Million Equity Financing to Continue to Fuel Growth
CALGARY, ALBERTA–(Marketwired – Nov. 3, 2014) – BluEarth Renewables Inc. (BluEarth) announced today the closing of a new round of equity financing of over $81 million to support BluEarth’s ongoing growth and investment in renewable energy projects. Both the Ontario Teachers’ Pension Plan (Teachers’) and ARC Financial (ARC), BluEarth’s major shareholders, committed to an additional equity investment in BluEarth, along with management and other investors. BMO Capital Markets acted as strategic advisor to the company.
Since being founded in 2010 by a team with one of the most successful track records in the industry, Calgary-based BluEarth has raised over $250 million in equity to fund its business plan. BluEarth has a target of $1 billion of spinning assets by 2017.
“Teachers’ is pleased to continue its support for BluEarth as the company’s growing portfolio positions it as a Canadian leader in renewable energy,” said Jane Rowe, Senior Vice-President of Teachers’ Private Capital.
“ARC is proud to be partnered with what we believe is the highest quality team in the Canadian renewable energy sector and believes that BluEarth is well positioned to work with partners and community stakeholders to build a high quality portfolio of energy assets,” said Brian Boulanger, Senior Vice-President and Director, ARC Financial.
“Last year we added close to $400 million of solar and hydroelectric projects to our portfolio. By the end of 2015, we expect to have close to $650 million of high-quality, long-term contracted hydro, solar and wind assets online, and are on track to have $1 billion of operating assets by 2017. With this renewed support from our investors, we are well positioned to build on our current momentum,” said Kent Brown, BluEarth President & CEO.
BluEarth has been implementing an aggressive growth strategy over the past year. The Company acquired five solar projects totaling 48.5 megawatts (MW) in Ontario; the 8.5 MW Little Creek Solar Facility was brought online in March 2014 and the 10 MW GoodLight Solar Facility was brought online in August 2014. The remaining three are under construction, and expected to online within the next few months. In addition, construction is now underway on Culliton Creek, BluEarth’s 15 MW run-of-river hydro project in British Columbia, which is expected to be operational by the end of 2015. BluEarth and its partner, the Batchewana First Nation, have also started construction on the 60 MW Bow Lake Wind Project in Ontario which is expected to be operational next year. This year, the Company has closed just under $500 million in debt financing for its solar, hydro and wind projects. BluEarth continues to seek opportunities for continued growth of its portfolio.
About BluEarth Renewables Inc.
Headquartered in Calgary, Canada, BluEarth is a private independent renewable power producer, focused on the acquisition, development, construction and operation of wind, water, and solar projects in North America, with a primary focus in Canada. With the most experienced renewable energy development team in Canada, BluEarth’s mission is to be the Canadian 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 future by demonstrating how to be sustainable and profitable, leaving the world a better place. For more information, visit bluearth.ca.
BluEarth Renewables Inc.
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