- OMERS Infrastructure signs agreement with Ares Management to acquire 100% of Navisun LLC, signals entry into distributed generation space.
- Canadian Pension Plan accelerates sustainable investing momentum.
- OMERS Infrastructure portfolio marks fourth renewables deal of 2021.
OMERS Infrastructure announced that it has signed an agreement with a fund managed by Ares Management Corporation to acquire 100% of Navisun LLC, an independent distributed generation solar power producer.
CohnReznick Capital Markets Securities LLC served as financial advisor to OMERS. Shearman & Sterling LLP was OMERS’ legal advisor. The transaction is expected to close in Q1 2022, subject to regulatory requirements. Further financial information will not be disclosed.
Navisun acquires, co-develops, constructs, finances, owns, and operates distributed and small utility-scale solar and storage projects throughout the United States. Based in Hingham, Massachusetts, and founded in 2017, Navisun targets solar power and storage projects ranging from ~1MW to 30 MW. The company’s many competitive advantages include deep expertise in all aspects of the solar and storage value chain such as development, engineering, construction, finance, operations, and asset management.
OMERS Infrastructure’s global renewable energy holdings include Leeward Renewable Energy, which owns and operates a portfolio of 22 renewable energy facilities totaling more than 2 GW of installed capacity across the U.S. In April, Leeward closed on the purchase of a utility-scale solar project platform which included approximately 10 GW of development projects from First Solar. Leeward now has 17 GW of projects under development across wind, solar, and storage.
Earlier this year OMERS Infrastructure acquired an approximately 19.4% stake in Azure Power Global Limited (NYSE: AZRE), a leading independent renewable power producer located in India, with an asset base of ~2 GW of operational capacity and ~5 GW of capacity under construction or awarded.
In October, OMERS Infrastructure signed an agreement to buy 49% of FRV Australia, a key solar power producer in that country, with 637 MW of capacity already operational or under construction, and more than 3 GW of multi-technology development projects.
Tom Frazier, Managing Director, Americas, OMERS Infrastructure said:
“We are pleased to announce our investment in Navisun and look forward to working with founders John Malloy and Doug Johnsen and the rest of the management team to continue to scale its business. Navisun, like OMERS Infrastructure, is truly focused on building long-term partnerships. We are excited at this opportunity to help Navisun realize its objectives of growing into a major distributed generation solar power and storage platform.”
Gisele Everett, Senior Managing Director, Americas, OMERS Infrastructure added:
“Navisun will be a superb addition to OMERS Infrastructure’s portfolio of high-quality infrastructure assets. Our work with Navisun will not only position us to further participate in the ongoing global energy transition, but also signals our formal entry into the distributed generation space – helping bring additional diversity to our global renewable energy holdings, which now stretch across three continents.”
John Malloy, Navisun’s co-founder and Managing Partner said:
“We are excited to announce Navisun’s partnership with OMERS, a deeply-experienced global investor. Our shared goal is to significantly expand Navisun’s position as a leading solar and storage independent power producer. OMERS long-term backing further strengthens the execution certainty for which Navisun is proudly known. The powerful combination of OMERS as investor with Navisun’s capabilities and track record in distributed generation positions us to deliver on a wider array of opportunities to increase Americans’ access to clean, renewable solar power.”
Mike Roth, Managing Director in Ares Infrastructure and Power said:
“We are delighted that OMERS will continue to build Navisun into a premier renewable energy asset. The creation of Navisun in 2017 reflects Ares’s commitment to climate infrastructure, meeting our sustainability objectives and being at the forefront of the renewable energy transition. Navisun experienced strong growth during our ownership, and we are proud of the team’s success in creating clean power and jobs across the United States.”
About OMERS and OMERS Infrastructure
OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. Investments are aimed at steady returns to help deliver sustainable, affordable and meaningful pensions to OMERS members. OMERS Infrastructure also manages capital in several assets for other institutional investors
OMERS diversified portfolio of large-scale infrastructure assets exhibits stability and strong cash flows, in sectors including energy, digital services, transportation and government-regulated services. OMERS has employees in Toronto and other major cities across North America, the U.K., Continental Europe, Asia and Australia. OMERS is one of Canada’s largest defined benefit pension funds with net assets of C$114 billion, as at June 30, 2021.
For more information, visit www.omers.com.
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Navisun LLC is a solar and storage independent power producer within the United States that co-develops, acquires, owns, and operates distributed and small utility-scale solar projects. The Navisun team has completed numerous projects for municipal, commercial, residential, utility, and institutional partners throughout the United States, with typical project sizes ranging from 1 to 30 megawatts.
For more information, visit www.navisunllc.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2021, Ares Management Corporation’s global platform had approximately $282 billion of assets under management, with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East.
For more information, please visit www.aresmgmt.com.
Press release provided by Climate Tech Marketing LLC. Photo credit: ©Navisun. Navisun’s award-winning 4.9 MW community solar project on a landfill in Beverly, Massachusetts.