TEACHERS' PRIVATE CAPITAL MAKES EQUITY INVESTMENT IN BLUEARTH RENEWABLES INC.

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 North America.

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 Managing Director.

"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 power producer."

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.

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For further information:

Deborah Allan
Director, Communications
Ontario Teachers' Pension Plan
[phone]
[email protected]

Kent Brown
President & CEO
BluEarth Renewables Inc.
[phone] x401
[email protected]