November 20, 2019
BluEarth Renewables Announces Closing of Agreement for Change in Ownership
Calgary, Alberta – November 20, 2019 – BluEarth Renewables LP (“BluEarth” or “the Company”) is pleased to announce that Ontario Teacher’s Pension Plan (“Ontario Teachers’”) and DIF Infrastructure V (“DIF V”), an independent infrastructure fund, have completed the transaction for the transfer of ownership of BluEarth. The transaction was subject to receipt of usual and customary regulatory approvals and consents. DIF V now owns 100% of BluEarth.
“With the support of Ontario Teachers’ as a founding shareholder, BluEarth grew quickly to become a mature, integrated platform,” said Grant Arnold, President and Chief Executive Officer of BluEarth. “Now, with the backing and governance of DIF V, we are excited to grow our platform even further, including pursuing additional opportunities in the U.S. and Canada.”
Grant Arnold added, “BluEarth has a clear strategy, strong core values and culture, and an extraordinary team to seize opportunities ranging in size and complexity that fit our business model. To support our U.S. growth objectives, we recently established a commercial office located in Phoenix, Arizona.”
“We are very pleased to close this transaction,” said Paul Huebener, Partner and Head of DIF Americas. “BluEarth is an attractive investment and we believe their platform model will provide attractive returns and stable cash flows to our investors. As we’ve been working together over the last several months, we also see strong growth potential ahead for BluEarth – particularly in the U.S. market.”
CIBC World Markets Inc. acted as financial advisor to Ontario Teachers’ with respect to the transaction. BMO Capital Markets and Agentis Capital were financial advisors to DIF.
About BluEarth Renewables
BluEarth Renewables brings together extraordinary people with the power to change the future™ by delivering renewable energy to the power grid every day. We are a leading, independent, power producer that acquires, develops, builds, owns and operates wind, hydro and solar facilities across North America. Our portfolio includes 333 MW net (405 MW gross) of nameplate capacity in operation and under construction and over 1,000 MW under development. For more information, visit bluearthrenewables.com or follow us on twitter @BErenewables.
About DIF Capital Partners
DIF Capital Partners (“DIF”) is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles.
For further information:
Dorreen Miller
Director, Communications
BluEarth Renewables
(587) 324-4238
media@bluearth.ca
