Brookfield Completes Acquisition of Enwave Energy Corporation from Borealis Infrastructure and City of Toronto

Goodmans represented a partnership sponsored by Brookfield Asset Management Inc., a global alternative asset manager with over $150 billion in assets under management in connection with the acquisition of the City of Toronto’s 43% interest and Borealis Infrastructure’s 57% interest in Enwave Energy Corporation on October 31, 2012.  The sale price represents an enterprise value for Enwave of approximately $480 million and resulted in proceeds of approximately $167 million to the City of Toronto and approximately $222 million to Borealis Infrastructure, the infrastructure investment arm of the OMERS pension plan.

Enwave was restructured from a legislated co-operative of MUSH sector entities to a for-profit share capital corporation in 1999, owned by the City of Toronto and Borealis Infrastructure.  The restructuring enabled Enwave to finance its Toronto-based deep lake water cooling project. Today Enwave is a fully integrated, sustainable energy services provider with district energy operations in Toronto and Windsor.