The Global Strategic Investment Alliance (GSIA) is acquiring a one-third stake in Midland Cogeneration Venture (MCV) from OMERS’ Borealis Infrastructure division.

“We’re very pleased to have completed our first transaction with our GSIA partners and look forward to announcing our next acquisition in the near future,” says Jacques Demers, president and CEO of OMERS Strategic Investments.

The GSIA currently includes OMERS, Japan’s Pension Fund Association and a consortium led by Mitsubishi Corp.

MCV is the largest natural gas-fired, combined cycle cogeneration plant in the United States. Borealis Infrastructure will manage MCV on behalf of all GSIA investors, and OMERS will continue to own the remaining two-thirds interest in the asset.

The GSIA announced its US$7.5-billion first close in April 2012. Its goal is for like-minded, long-term global institutional investors to work together in pursuit of attractive large-scale infrastructure assets mainly in North America and Europe.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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