OMERS Infrastructure Inks Deal with Leeward Renewable Energy

Fund allocated 16% of its portfolio to infrastructure.

The infrastructure management arm of the C$95 billion ($72.5 billion) Ontario Municipal Employees Retirement System (OMERS) has officially inked a deal to acquire Leeward Renewable Entergy from affiliates of ArcLight Capital Partners.

“On behalf of OMERS Infrastructure, we are very pleased to announce our investment in Leeward, a high-quality, core infrastructure business that we expect will generate stable and consistent returns for the OMERS pension plan. We look forward to working together with the management team at Leeward to continue the company’s growth trajectory,” Ralph Berg, executive vice president & global head of infrastructure, OMERS Private Markets, said in a statement.

OMERS Infrastructure’s exclusive financial advisor is Wells Fargo Securities. Its legal counsel is Shearman & Sterling. Leeward’s financial advisor was exclusively Bank of America Merrill Lynch, with Latham & Watkins as its legal advisor.

“Leeward is excited to join the OMERS Infrastructure portfolio. Our team looks forward to continuing to operate our sizable portfolio safely, developing additional greenfield projects and executing on innovative re-powering initiatives to build Leeward into an industry leader for years to come,” said Greg Wolf, Leeward’s CEO.

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Subject to customary approvals, the deal is expected to close in the third quarter of this year. Terms of the agreement were not publicly disclosed.

According to OMERS website, the fund allocated 16% of its portfolio to infrastructure investments as of Dec. 31.

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