Ontario Teachers’ Pension Plan (Teachers’) has plans to acquire all of the outstanding shares of BluEarth previously owned by ARC Energy Fund 6, advised by ARC Financial Corp. (ARC), and minority shareholders.
Under this new partnership, BluEarth will continue to focus on the acquisition, development, construction and operation of renewable energy projects in Canada and potential opportunities outside of Canada.
Financial terms of the acquisition were not disclosed. Closing is expected to occur by the end of July 2015. CIBC World Markets acted as exclusive advisor to BluEarth on the transaction.
Kent Brown, President & CEO of BluEarth, stated:
“Our enhanced partnership with Teachers’ marks a significant milestone for BluEarth. We are proud of the great company that we have built so far and we are looking forward to a long-term relationship with Teachers’ as we strive to be the renewable energy leader in Canada. I would like to thank our foundational partner ARC for their incredible support, belief and trust in me, and our team.”
Kevin Brown, Co-CEO of ARC Financial Corp., commented:
“We would like to thank Kent and the BluEarth team for building a great company in a short period of time. We have been extremely pleased with our investment in BluEarth and the outcome of this transaction.”
Jane Rowe, Senior Vice President at Teachers’, added:
“The BluEarth team has built a Canadian renewables industry leader in only five years and we are excited to be moving forward with BluEarth’s next phase of growth. Teachers’ will benefit on a long-term basis from BluEarth’s portfolio of contracted renewable power projects and we’re looking forward to capitalizing on further growth in the sector with an industry-leading team.”
Concurrent with this transaction, BluEarth also announces the appointment of Grant Arnold to President & CEO from his previous role of Chief Operating Officer. Kent Brown, co-founder and President & CEO remains as a member of the Board of Directors and will transition to the role of Executive Advisor. These changes take effect at closing.