IFM Investors and Ontario Teachers’ jointly acquire Canadian district energy operations of Enwave Energy Corporation

On June 07, 2021, Ontario Teachers' Pension Plan Board ("Ontario Teachers") and IFM Investors officially took ownership of Enwave, marking the beginning of a new era of opportunities for the company.

Under the terms of a definitive agreement with Brookfield Infrastructure announced on February 2, 2021, IFM Investors and Ontario Teachers' jointly acquired a 100% interest in the Canadian district energy operations owned by Enwave Energy Corporation for C$2.8 billion on an enterprise value basis.

The second infrastructure investment made together, IFM Investors and Ontario Teachers’ will retain the Enwave brand as part of the transaction and each own 50% of the company.

Further information can be found on Business Wire’s website.

Enwave is one of the largest commercial operators of community-based thermal energy systems in North America, developing reliable, scalable and sustainable energy solutions tailored to the unique needs of municipalities, commercial developments, universities, hospitals, and residential communities.

IFM Investors was established more than 25 years ago with the aim to protect and grow the long-term retirement savings of working people. Owned by a group of Australian pension funds, the organisation has US$118 billion under management as of March 31, 2021.

Ontario Teachers' is the administrator of Canada's largest single-profession pension plan, with C$221.2 billion in net assets (all figures at December 31, 2020). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.5% since the plan's founding in 1990.

Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across North and South America, Asia Pacific and Europe.