OMERS’ portfolio company acquiring solar energy development platform

A portfolio company of the Ontario Municipal Employees Retirement System’s infrastructure arm is entering a purchase agreement to acquire a 10-gigawatt solar project development platform.

Through the deal, U.S.-based Leeward Renewable Energy will acquire the platform from First Solar Inc., which includes 773 megawatts of projects in California and the southern U.S. that are expected to commence construction in the next two years, as well as an operational 30-MW solar project, according to a press release. The transaction is expected to close in the first quarter of 2021.

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“We’re delighted to support today’s announcement as a key milestone for Leeward and look forward to continuing to support Leeward’s growth,” said Tom Frazier, managing director of the OMERS’ infrastructure arm, in the release. “This news represents an integral next step for Leeward as a leading renewable energy platform in North America as it plays an important role in the broader energy transition.”