Part of the Canadian Pension Fund OMERS, OMERS Infrastructure has entered the distributed solar space with 100% acquisition of US based solar power producer Navisun, LLC from a fund managed by Ares Management Corporation. The transaction is expected to close in Q1/2022.
"Navisun will be a superb addition to OMERS Infrastructure's portfolio of high-quality infrastructure assets," said OMERS Infrastructure's Senior Managing Director, Americas, Gisele Everett. "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."
According to its business model, Navisun acquires, co-develops, constructs, finances, owns and operates distributed and small utility scale solar and storage projects across the US with capacity ranging between 1 MW and 30 MW.
Under new ownership, the US company will be able to expand its business and strengthen itself as a leading solar and storage independent power producer.
For OMERS Infrastructure, it is the company's 4th renewables deal this year. In January 2021, its Leeward Renewable Energy purchased a 10 GW AC project development platform from First Solar. In August 2021, it acquired a 19.4% stake in India's Azure Power from the International Finance Corporation, following it up with 49% stake in FRV Australia in October 2021 (see Canadian Pension Fund Invests In FRV).