03/23/2018

OMERS Infrastructure Announces Agreement to Acquire Leeward Renewable Energy

OMERS Infrastructure Management, Inc., the infrastructure management arm of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, is pleased to announce the signing of definitive documentation to acquire Leeward Renewable Energy, LLC from affiliates of ArcLight Capital Partners, LLC.

Leeward is a leading wind power asset owner, operator and developer of wind projects in the United States across 19 operating projects with a total installed capacity of 1.7 GW. The Transaction is expected to close in the third quarter of 2018 and remains subject to customary approvals.

“On behalf of OMERS Infrastructure, we are very pleased to announce our investment in Leeward, a high quality, core infrastructure business that we expect will generate stable and consistent returns for the OMERS pension plan. We look forward to working together with the management team at Leeward to continue the company’s growth trajectory,” said Ralph Berg, Executive Vice President & Global Head of Infrastructure, OMERS Private Markets.

“Leeward is excited to join the OMERS Infrastructure portfolio. Our team looks forward to continuing to operate our sizable portfolio safely, developing additional greenfield projects and executing on innovative re-powering initiatives to build Leeward into an industry leader for years to come,” said Greg Wolf, Leeward Chief Executive Officer.

“Since ArcLight’s acquisition of Leeward in 2015, Greg and his team have greatly improved the performance of the existing fleet and positioned the Company for growth. Upon closing of the Transaction, we believe Leeward’s partnership with OMERS Infrastructure will only enhance the Company’s role in the renewable energy future of the U.S. power markets,” said Dan Revers, ArcLight founder and managing partner.

Wells Fargo Securities, LLC is serving as exclusive financial advisor to OMERS Infrastructure, and Shearman & Sterling LLP is legal counsel. BofA Merrill Lynch acted as exclusive financial advisor to Leeward, and Latham & Watkins LLP acted as legal advisor to Leeward.