OMERS Infrastructure has agreed to acquire 100 percent of Navisun, a Hingham, Massachusetts-based distributed generation solar power producer. No financial terms were released for the deal, which is expected to close in Q1 2022. The seller is Ares Management Corp, which helped establish Navisun in 2017.
OMERS Infrastructure Signs Agreement with Ares Management to Acquire 100% of Navisun LLC, Signals Entry into Distributed Generation Space
NEW YORK and TORONTO, Nov. 02, 2021 (GLOBE NEWSWIRE) — OMERS Infrastructure today announced that it has signed an agreement with a fund managed by Ares Management Corporation to acquire 100% of Navisun LLC, an independent distributed generation solar power producer. Navisun acquires, co-develops, constructs, finances, owns and operates distributed and small utility-scale solar and storage projects throughout the United States.
“We are pleased to announce our investment in Navisun and look forward to working with founders John Malloy and Doug Johnsen and the rest of the management team to continue to scale its business. Navisun, like OMERS Infrastructure, is truly focused on building long-term partnerships. We are excited at this opportunity to help Navisun realize its objectives of growing into a major distributed generation solar power and storage platform,” said Tom Frazier, Managing Director, Americas, OMERS Infrastructure.
“Navisun will be a superb addition to OMERS Infrastructure’s portfolio of high-quality infrastructure assets. Our work with Navisun will not only position us to further participate in the ongoing global energy transition, but also signals our formal entry into the distributed generation space – helping bring additional diversity to our global renewable energy holdings, which now stretch across three continents,” added Gisele Everett, Senior Managing Director, Americas, OMERS Infrastructure.
“We are excited to announce Navisun’s partnership with OMERS, a deeply-experienced global investor. Our shared goal is to significantly expand Navisun’s position as a leading solar and storage independent power producer. OMERS long-term backing further strengthens the execution certainty for which Navisun is proudly known. The powerful combination of OMERS as investor with Navisun’s capabilities and track record in distributed generation positions us to deliver on a wider array of opportunities to increase Americans’ access to clean, renewable solar power,” said John Malloy, Navisun’s co-founder and Managing Partner.
“We are delighted that OMERS will continue to build Navisun into a premier renewable energy asset. The creation of Navisun in 2017 reflects Ares’s commitment to climate infrastructure, meeting our sustainability objectives and being at the forefront of the renewable energy transition. Navisun experienced strong growth during our ownership, and we are proud of the team’s success in creating clean power and jobs across the United States,” said Mike Roth, Managing Director in Ares Infrastructure and Power.
Based in Hingham, Massachusetts and founded in 2017, Navisun targets solar power and storage projects ranging from ~1MW to 30 MW. The company’s many competitive advantages include deep expertise in all aspects of the solar and storage value chain such as development, engineering, construction, finance, operations, and asset management.
CohnReznick Capital Markets Securities LLC served as financial advisor to OMERS. Shearman & Sterling LLP was OMERS legal advisor. The transaction is expected to close Q1 2022, subject to regulatory requirements. Further financial information will not be disclosed.
Note to Editors – OMERS Renewable Investments:
OMERS Infrastructure’s global renewable energy holdings include Leeward Renewable Energy, which owns and operates a portfolio of 22 renewable energy facilities totaling more than 2 GW of installed capacity across the U.S. In April, Leeward closed on the purchase of a utility-scale solar project platform which included approximately 10 GW of development projects from First Solar. Leeward now has 17 GW of projects under development across wind, solar and storage.
Earlier this year OMERS Infrastructure acquired an approximately 19.4% stake in Azure Power Global Limited (NYSE: AZRE), a leading independent renewable power producer located in India, with an asset base of ~2 GW of operational capacity and ~5 GW of capacity under construction or awarded. In October, OMERS Infrastructure signed an agreement to buy 49% of FRV Australia, a key solar power producer in that country, with 637 MW of capacity already operational or under construction, and more than 3 GW of multi-technology development projects.