OMERS Infrastructure sale of Midland Cogeneration Venture
A 1,633 MW natural gas combined-cycle cogeneration facility located in Midland, Michigan, Midland Cogeneration Venture (“MCV”) is the largest natural gas-fired cogeneration facility in the United States. It currently operates under long-term contracts until 2030 and 2035.
Further information on the facility can be found on Capital Power’s website.
OMERS initially acquired a 100% interest in MCV in 2012 and subsequently syndicated a minority interest to third-party investors in the Global Strategic Investment Alliance (GSIA) investment program in 2013.
On July 12,2022, OMERS Infrastructure announced the signing of an agreement to sell its interest in MCV Holding Company (“MCV Holding”), which owns MCV, to a consortium consisting of Capital Power Corporation (“Capital Power”) and Manulife Investment Management (“Manulife”) for a total of US$894 million, including the assumption of US$521 million of project level debt.
Capital Power and Manulife announced the successful completion of the acquisition on September 23, 2022. Under a 50/50 joint venture with Manulife, Capital Power and its joint venture partner each contributed approximately US$186 million. Capital Power will be responsible for operations, maintenance and asset management for which it will receive an annual management fee.
Further information on the transaction can be found on OMERS’ website and on globenewswire.com.
Capital Power is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alberta.
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation.
OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, a defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure currently has approximately C$32 billion in assets under management and over 30 investments, principally in North America, Europe and Asia-Pacific and across sectors including energy, digital services, transportation and government-regulated services.
The Torys team is led by Krista Hill and included Michael Horwitz, Stephen Neil, Tori Lechner-Sung, Winnie Hu and Brian Kim (corporate/M&A), Ellie Kang and Ryan Davis (employment), Raegan Kennedy (pension regulatory), Jonathan Wiener and Rachel Goodwin (financing), Christopher Caparelli (regulatory), Alex Tanenbaum (real estate), Jerald Wortsman, Peter Keenan and Michelle Lu (tax).
Torys also as counsel acted to OMERS in its 2012 acquisition of MCV with a team that was also led by Krista Hill and that included Blair McKechnie, Stephanie Brady, Peter Keenan, Gavin Scotti, Leah Frank, Jonathan Wiener, Helen Shin, Christopher Caparelli, Mayah Judovits, Lynne Lacoursière, Janelle Bowman, Miroslav Fajt, Bill Gray, David Wawro, Ari Feder, Stefan Stauder, Andrew Pfleiderer, Brad Tartick, Rebecca Moskowitz.
Torys a également agi dans le cadre des mandats suivants en lien avec ce projet :
Midland Cogeneration Venture, an OMERS Infrastructure portfolio company, in its US$181.25 million 144A/Reg. S high-yield debt offering of 5.250% secured notes and US$55 million senior secured revolving credit facility
Borealis Infrastructure (now OMERS Infrastructure) in its sale of an interest in the Midland Cogeneration Venture to its Global Strategic Investment Alliance partners
Borealis Infrastructure in its acquisition of Midland Cogeneration Venture, the owner and operation of the largest natural gas fired, combined cycle cogeneration power plant in the United States with a capacity of 1,633 MW and 1,500 kp/hr of steam, from EQT Infrastructure and Fortistar
| Territoire | Midland |
| Province/État | Michigan |
| Pays | États-Unis |
| Nature du mandat | Fusions et acquisitions |
| Client | OMERS Infrastructure |
| Rôle du client | Vendeur |
| Valeur | 894 000 000 $ USD |