The Ontario Teachers’ Pension Plan is selling its stake in BluEarth Renewables Inc. to DIF Infrastructure V, a European independent infrastructure fund.

The Ontario Teachers’ was a founding shareholder in BluEarth, an independent renewable power producer that builds, owns and operates solar, hydro and wind facilities in North America. Following the sale, DIF V will own 100 per cent of the company.

“We are very pleased with this transaction and are excited to start a new chapter in BluEarth’s history with DIF V,” said Grant Arnold, president and chief executive officer at BluEarth, in a press release. “We have had great success with the Ontario Teachers’ as a founding shareholder, and we look forward to continuing to grow our platform model, including our focus on U.S. growth, with the support of DIF V.”

Read: Ontario Teachers’ posts 2.5% return for 2018 amid volatile investment environment

In other investment news, the Public Sector Pension Investment Board is part of a consortium entering negotiations to acquire Nestle Skin Health, a global skin health product provider, from Nestle S.A. for more than $13.5 billion.

The consortium also includes the EQT VIII fund, a European investment firm and Luxinva, a wholly owned subsidiary of the Abu Dhabi Investment Authority. In a press release, the consortium said it will use EQT’s experience and industrial network to support Nestle Skin Health’s continued growth and innovation.

Also this week, the Canada Pension Plan Investment Board signed a memorandum of understanding with Piramal Enterprises, an Indian company with holdings in financial services, pharmaceuticals and analytics, to co-sponsor a renewable energy-focused infrastructure investment trust.

The trust, which will have an initial US$600 million, is planning to acquire up to 1.5 to two gigawatts of renewable assets on a hold-to-maturity basis, with a focus on diversifying its asset type and off-taker profile, according to a press release.

Read: CPPIB, PSP part of group investing in new AI fund

The CPPIB is committing US$360 million to the venture and holds up to 60 per cent of the units, with Piramal holding 15 per cent and contributing US$90 million. In the release, the partners said they’re looking to raise capital from other investors for the remaining 25 per cent.

“We are pleased to partner with the first ever [infrastructure investment trust] in India focused on renewables,” said Ajay Piramal, chairman of Piramal Group.  “The foundation of this partnership is based on a shared ethos and values that leverage the CPPIB’s global track record of value creation in the infrastructure space with PEL’s long-term strategy and goodwill in India. 

“The renewable energy sector is at an inflection point and is witnessing significant consolidation, the pace of which is likely to increase in the near future. We believe the timing is therefore opportune for aggregating assets in this sector given that the existing players are willing sellers in light of a constrained capital market environment — both debt and equity.”

Read: CPPIB invests additional $185M in Indian retail project

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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