BluEarth Renewables Inc., a Canada-based developer, has closed a new round of equity financing of over C$81 million to support the company's ongoing growth and investment in renewable energy projects.
Both the Ontario Teachers' Pension Plan and ARC Financial, BluEarth's major shareholders, committed to an additional equity investment in the company, along with management and other investors. BMO Capital Markets acted as strategic advisor to the company.
Since being founded in 2010, BluEarth says it has raised over C$250 million in equity to fund its business plan. The company has a target of C$1 billion of spinning assets by 2017.
‘With this renewed support from our investors, we are well positioned to build on our current momentum,’ says Kent Brown, BluEarth's president and CEO.
BluEarth says it has been implementing an aggressive growth strategy over the past year. The company acquired five solar projects totaling 48.5 MW in Ontario, and construction is now under way on BlueEarth's 15 MW Culliton Creek hydro project in British Columbia.
BluEarth and its partner, the Batchewana First Nation, have also started construction on the 60 MW Bow Lake Wind Project in Ontario, which is expected to be operational next year.