Ontario Teachers' Pension Plan (Teachers') announced the acquisition of the outstanding shares of BluEarth Renewables Inc. (BluEarth) owned by ARC Energy Fund 6, advised by ARC Financial Corp. (ARC), and minority shareholders, with BluEarth management and employees maintaining an ownership stake.
Headquartered in Calgary, BluEarth is a private independent renewable power producer, focused on the acquisition, development, construction and operation of wind, hydro and solar projects. BluEarth's portfolio currently includes interests in 18 projects across Canada totalling 174 net MW, with a pipeline of earlier stage development projects. BluEarth will continue to focus on growth through the acquisition and development of renewable energy projects in Canada and other markets globally.
Teachers', through its Teachers' Private Capital (TPC) group, has been a lead investor in BluEarth since the company was established in 2010. Terms of the transaction are not being disclosed. Closing is expected by the end of July 2015.
Concurrent with the closing of this transaction, BluEarth announced the appointment of Grant Arnold to President & CEO from his previous role of Chief Operating Officer. Kent Brown, co-founder and President & CEO will remain as a member of the Board of Directors and will transition to the role of Executive Advisor.
"BluEarth’s portfolio of high quality projects will provide attractive long-term returns that will help us to pay member pensions," said Jane Rowe, Senior Vice-President, TPC. "We are pleased to be moving forward with BluEarth to support the next phase of its growth. I would like to thank Kent Brown for his role in founding and building BluEarth and welcome Grant Arnold as the new President & CEO."