Transaction|Thermal Energy
OMERS Infrastructure sale of stake in Midland Cogeneration Venture
Torys acted as counsel to Borealis Infrastructure (now OMERS Infrastructure) in its sale of an interest in the Midland Cogeneration Venture to its Global Strategic Investment Alliance partners.
On July 2, 2013, The Global Strategic Investment Alliance (GSIA) announced its first investment with the successful syndication of approximately a one-third stake in Midland Cogeneration Venture (MCV) from Borealis Infrastructure.
The GSIA, which announced its US$7.5 billion first close in April 2012, currently includes OMERS, one of Canada's largest pension plans, Japan's Pension Fund Association (PFA) and a consortium led by Mitsubishi Corporation (MC).
MCV is the largest natural gas fired, combined cycle cogeneration plant in the United States. It was acquired by Borealis Infrastructure, which invests in and manages infrastructure assets on behalf of OMERS, in December 2012. Borealis Infrastructure will manage MCV on behalf of all GSIA investors, and OMERS will continue to own the remaining two-thirds interest in the asset.
Borealis Infrastructure will originate and manage all GSIA assets. Administrative support services to the GSIA investment program are provided by Rosewater Global, an OMERS affiliate.
Borealis Infrastructure invests in and manages a diversified portfolio of large-scale infrastructure assets exhibiting stability and strong cash flows, in sectors including energy, transportation and government-regulated services.
Further information can be found on OMERS' website.
The GSIA, which announced its US$7.5 billion first close in April 2012, currently includes OMERS, one of Canada's largest pension plans, Japan's Pension Fund Association (PFA) and a consortium led by Mitsubishi Corporation (MC).
MCV is the largest natural gas fired, combined cycle cogeneration plant in the United States. It was acquired by Borealis Infrastructure, which invests in and manages infrastructure assets on behalf of OMERS, in December 2012. Borealis Infrastructure will manage MCV on behalf of all GSIA investors, and OMERS will continue to own the remaining two-thirds interest in the asset.
Borealis Infrastructure will originate and manage all GSIA assets. Administrative support services to the GSIA investment program are provided by Rosewater Global, an OMERS affiliate.
Borealis Infrastructure invests in and manages a diversified portfolio of large-scale infrastructure assets exhibiting stability and strong cash flows, in sectors including energy, transportation and government-regulated services.
Further information can be found on OMERS' website.
The Torys team included Krista Hill, Stefan Stauder, Blair McKechnie, Kathleen Mon (M&A) and Peter Keenan (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 also acted on the following in connection with this project:
OMERS Infrastructure in the US$894 million sale of its interest in Midland Cogeneration Venture to Capital Power Corporation and Manulife Investment Management
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
| Jurisdiction | Midland |
| Province/State | Michigan |
| Country | United States |
| Nature of Engagement | M&A |
| Client | Borealis Infrastructure (now OMERS Infrastructure) |
| Client Role | Seller |