BluEarth Renewables LP (BluEarth) has announced it has completed the acquisition of four operating renewable energy facilities from Veresen Inc., including three run-of-river hydro facilities in British Columbia and one wind facility in Ontario. These facilities have a weighted average contract life of 22 years and represent 85 megawatts (MW). Financial terms of the acquisition are confidential.
“In addition to pursuing greenfield opportunities, BluEarth’s growth strategy includes pursuing targeted acquisitions where we can take full advantage of our existing footprint and operational bench strength,” said Grant Arnold, BluEarth’s president and chief executive officer. “With this acquisition, we now have a portfolio of over $1.7 billion of renewable energy facilities in operation and construction.”
Arnold added, “In just seven short years, we have built one of the strongest portfolios of long-term contracted renewable energy assets, a strong balance sheet supported by our strategic owner, Ontario Teachers’ Pension Plan Board, and one of the most experienced, passionate, and dedicated teams in our industry. Beyond our operated facilities and those under construction, we also have a robust development portfolio across Canada. We are proud to show how business can be sustainable and profitable, leaving the world a better place.”
Blake, Cassels & Graydon LLP acted as legal counsel and RBC Capital Markets acted as financial advisor to BluEarth for the acquisition.