TORONTO, Dec. 16 /CNW/ - Ontario Teachers' Pension Plan (Teachers')
today announced an equity investment in BluEarth Renewables Inc.
(BluEarth), a privately held company focused on acquiring, developing,
constructing and operating hydro, wind and solar power projects in
Teachers' Private Capital, the pension plan's private investment
department, has committed to provide up to $75 million in equity
capital to BluEarth to fund renewable power opportunities.
BluEarth, a Calgary-based company recently formed by the founders and
senior management of Canadian Hydro Developers Inc., has now raised
over $160 million in equity from ARC Financial Corp., Teachers',
management and other investors to fund its business plan.
"We are pleased to be partnering with ARC Financial and a proven and
experienced management team in the renewable power sector," said Jane
Rowe, Senior Vice-President, Teachers' Private Capital. "BluEarth's
principals have a strong track record of success and we look forward to
supporting their efforts to create another leader in the growing market
for renewable power."
"We are excited to be working once again with both the BluEarth team and
Teachers'. With this investment, the team has both the operational
expertise and the financial foundation to pursue a growth strategy in
the renewable power market," said Brian Boulanger, an ARC Financial
"With the great support of our investors, Teachers' and ARC, we are well
positioned to acquire and develop renewable power projects and
operating assets that may be lacking capital and experience," said Kent
Brown, President & CEO of BluEarth. "With the capital to support our
growth strategy and Canada's most experienced renewable energy team, we
have a powerful combination to propel BluEarth into a leading renewable
About Teachers' Private Capital
Teachers' Private Capital is one of the world's largest private equity
investors. It is the private investment department of the Ontario
Teachers' Pension Plan. With $96.4 billion in assets as of December 31,
2009, the Ontario Teachers' Pension Plan is the largest
single-profession pension plan in Canada. It is an independent
corporation responsible for investing the fund and administering the
pensions of Ontario's 289,000 active and retired teachers. For more
information visit www.otpp.com.
About BluEarth Renewables Inc.
Headquartered in Calgary, Canada, BluEarth is a private company focused
on commercial scale renewable energy development. As an independent
renewable power producer, its goal is to sustainably build, own, and
operate wind, hydroelectric, and solar generation projects across North
America. For more information visit www.bluearthrenewables.com.
About ARC Financial Corp.
ARC Financial Corp. is a leading energy focused private equity firm with
Cdn $2.7 billion of capital across the six ARC Energy Funds. Leveraging
off the experience, technical expertise, and relationships of its 25
investment professionals, ARC makes equity investments of $25 - $100
million across the Canadian and global energy business focusing on
conventional and unconventional oil and gas exploration and production,
oilfield services, infrastructure and renewable power. For more
information please visit: www.arcfinancial.com.
SOURCE Ontario Teachers' Pension Plan
For further information: For further information:
Ontario Teachers' Pension Plan
President & CEO
BluEarth Renewables Inc.
(403) 668-1575 x401