Date Closed

October 31, 2012

Lead Office

Toronto

Value

480.00 Million CAD

On October 31, 2012, Borealis Infrastructure and the City of Toronto completed the sale of Enwave Energy Corporation to a corporation indirectly owned by a partnership sponsored by Brookfield Asset Management. The sale price represents an enterprise value for Enwave of approximately C$480 million, with proceeds of approximately C$167 million to the City of Toronto and C$222 million to Borealis, the infrastructure investment arm of the OMERS pension plan.

Enwave Energy, headquartered in Toronto, Ontario,  is one of the largest district energy systems in North America, with operations in Toronto and Windsor.

Borealis Infrastructure is the infrastructure investment arm of the OMERS pension plan.

McCarthy Tétrault LLP represented Enwave Energy Corporation, the target, with a team led by David Lever.