The investment manager for a Canadian pension fund has signed an agreement to sell its minority interest in a 596MW portfolio of four wind farms in the US states of Illinois, Texas, Oregon and Minnesota.
OMERS Infrastructure is offloading the stakes in the portfolio, known collectively as Vento 2, to Atlantica Sustainable Infrastructure for approximately $196.5m.
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.
OMERS Infrastructure Americas senior managing director Gisele Everett said: “We have been invested in Vento since 2012. We are proud of what we have helped accomplish at this asset while working alongside world-class operators and our valued partners EDPR North America.
“We wish Atlantica Sustainable Infrastructure and EDPR North America every success in their work together.
“OMERS remains strongly interested in the renewables sector, and we continue to aggressively grow our presence in the sector through our existing, wholly-owned US-based wind and solar platform and through the identification of additional opportunities to participate in renewables and energy transition investments globally.”
The transaction is expected to close in the second quarter of 2021, after obtaining regulatory approvals and meeting customary closing conditions.
Scotiabank served as transaction advisor to OMERS Infrastructure.