OMERS Infrastructure Management Inc., the infrastructure management arm of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, has signed definitive documentation to acquire Leeward Renewable Energy LLC from affiliates of ArcLight Capital Partners LLC.
Dallas-based Leeward is an owner, operator and developer of wind projects in the U.S. Its portfolio totals 19 operating projects with an installed capacity of 1.7 GW. The transaction is expected to close in the third quarter; it remains subject to customary approvals, notes OMERS.
“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,” says Ralph Berg, executive vice president and global head of infrastructure at OMERS Private Markets.
“Leeward is excited to join the OMERS Infrastructure portfolio,” adds Greg Wolf, CEO of Leeward. “Our team looks forward to continuing to operate our sizable portfolio safely, developing additional greenfield projects and executing on innovative repowering initiatives to build Leeward into an industry leader for years to come.”
“Since ArcLight’s acquisition of Leeward in 2015, Greg and his team have greatly improved the performance of the existing fleet and positioned the company for growth,” notes Dan Revers, ArcLight’s founder and managing partner. “Upon closing of the transaction, we believe Leeward’s partnership with OMERS Infrastructure will only enhance the company’s role in the renewable energy future of the U.S. power markets.”
Wells Fargo Securities LLC is serving as exclusive financial advisor to OMERS Infrastructure, and Shearman & Sterling LLP is legal counsel. BofA Merrill Lynch acted as exclusive financial advisor to Leeward, and Latham & Watkins LLP acted as legal advisor to Leeward.
