TORONTO -- A company backed by Brookfield Asset Management has agreed to pay $480 million to acquire Enwave Energy Corp. from the Ontario Municipal Employees Retirement System and the City of Toronto.
Borealis Infrastructure, the infrastructure arm of the OMERS pension plan, said late Tuesday that it has an agreement to sell its 57 per cent stake in Enwave for $223 million.
"Enwave was one of the first investments made by Borealis Infrastructure, and we are extremely proud to have been an integral part of building it into the great company it is today," said Michael Rolland, president and CEO of Borealis Infrastructure.
The buyer, a corporation indirectly-owned by a partnership sponsored by Toronto's Brookfield Asset Management (TSX:BAM.A), reached a similar agreement to buy the remaining 43 per cent stake from the City of Toronto.
The two Enwave owners had put the Toronto-based utility up for sale in an auction announced last December.
Toronto city council, struggling to cut costs in the face of a projected budget shortfall for 2012, authorized the city to sell its interest in Enwave.
In Toronto, Enwave provides environmentally friendly heating and cooling to downtown office buildings and uses its Deep Lake Water Cooling system.
The company also manages a system that supplies hot and chilled water to the city's utilities commission in Windsor, Ont., and the Windsor Casino.
Brookfield manages a range of utility, infrastructure and real estate assets.
