Calgary, Alberta-based BluEarth Renewables LP has completed the acquisition of four operating renewable energy facilities from Veresen Inc., including three run-of-river hydro facilities in British Columbia and one wind facility in Ontario.
The facilities have a weighted average contract life of 22 years and represent 85 MW in total. Financial terms of the acquisition have not been disclosed. Blake, Cassels & Graydon LLP acted as legal counsel and RBC Capital Markets acted as financial advisor to BluEarth for the acquisition.
“In addition to pursuing greenfield opportunities, BluEarth’s growth strategy includes pursuing targeted acquisitions where we can take full advantage of our existing footprint and operational bench strength,” comments Grant Arnold, BluEarth’s president and CEO.
BluEarth is a private, independent renewable power producer whose majority shareholder is the Ontario Teachers’ Pension Plan Board.