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Infrastructure

OMERS Infrastructure acquires renewable energy firm

OMERS Infrastructure Management on Thursday announced it agreed to acquire Leeward Renewable Energy, a wind-power developer, owner and operator.

The unit of the C$95 billion ($72.5 billion) Ontario Municipal Employees' Retirement System, Toronto, purchased the firm from affiliates of infrastructure management firm ArcLight Capital Partners, OMERS said in a news release.

Terms were not disclosed, said an OMERS spokesman. The transaction is expected to close in the third quarter.

"This acquisition of Leeward is consistent with OMERS Infrastructure's strategy to invest in high-quality, long-lived assets," said Michael Ryder, senior managing director, head of Americas at OMERS Infrastructure Management. "We see Leeward as delivering stable, predictable cash flows while generating renewable energy, with its diversified fleet of projects across multiple jurisdictions and technologies."

Wells Fargo Securities was financial adviser to OMERS Infrastructure; Bank of America Merrill Lynch advised Leeward.

Ontario Municipal had a 16% allocation to infrastructure as of Dec. 31, according to its website.