IFM and Ontario Teachers’ acquire Enwave Canadian district energy operations

IFM Investors and Ontario Teachers’ Pension Plan Board have entered into a definitive agreement with Brookfield Infrastructure to jointly acquire the Canadian district energy operations owned by Enwave Energy Corporation. They will retain the Enwave brand, with each owning 50 per cent of the company.

Enwave is a fully-integrated district energy business that provides sustainable district cooling and heating solutions to over 320 customers and multiple sectors across Canada.

“Enwave is a prime example of an investment that we believe can be both commercially attractive and contribute to broader sustainability efforts. It provides district energy solutions to a high-quality portfolio of clients in Canada, helping them reduce greenhouse gas emissions and improve energy efficiency,” said Dale Burgess, senior managing director, infrastructure and natural resources at Ontario Teachers’ Pension Plan board.

Completion of the transaction is expected in mid-2021.