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Borealis Buys Stake in Four US Wind Farms from Spain’s EDP Renováveis

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According to the press release, “EDP Renováveis S.A. (“EDPR”) has reached an agreement to sell 49% of the Class A shares in a portfolio of wind farm assets located in the United States to Borealis Infrastructure for US$230 million. The portfolio is comprised of four wind farms totaling 599 MW, all of which were installed between 2007 and 2008 and have long-term Power Purchase Agreements (PPAs) in place. EDPR will continue to own the remaining 51% of the Class A shares in the portfolio.

Borealis Infrastructure invests in and manages infrastructure investments on behalf of the Ontario Municipal Employees Retirement System (“OMERS”), one of Canada’s largest pension funds. Its large-scale assets in the energy sector include the recent acquisition of Michigan-based Midland Cogeneration Venture (“MCV”), the largest natural gas fired, combined cycle cogeneration plant in the United States.

“Our investment in this portfolio marks a significant commitment by Borealis to the renewables sector, and is the type of large-scale infrastructure asset we look for to generate stable and consistent returns for the pension plan. We look forward to working with the proven management team at EDPR, and see this transaction as the beginning of a long-term partnership,” said Michael Rolland, President and CEO of Borealis.

EDPR is the world’s third largest wind energy company. Through this transaction, EDPR is commencing the execution of its asset rotation strategy, which it announced as one of its core objectives earlier this year. This strategy involves selling minority stakes in mature projects that are operationally optimised and with a low risk profile. This will enable EDPR to crystallise the value of its projects’ future cash-flow streams and re-invest in the development of quality and value-accretive projects, while contributing to its self-funding growth objective.

“We are pleased to have gained a partner such as Borealis,” said Joao Manso Neto, EDPR Chief Executive Officer. “This partnership is a step toward securing a positive future for both EDPR and Borealis. We look forward to the continuation of this relationship as EDPR continues to grow.”

Barclays acted as financial advisor for Borealis, and Shearman & Sterling acted as legal advisor.

The transaction is subject to the customary regulatory approvals by the Federal Energy Regulatory Commission (“FERC”) and the Committee on Foreign Investment in the United States (“CFIUS”).”

Read more: OMERS Press Release

Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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