Canadian asset manager OMERS Infrastructure signed an agreement with a fund managed by Ares Management to acquire solar power producer Navisun.
Navisun’s Co-Founder and Managing Partner John Malloy 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.”
Massachusets-based Naviisun has solar power and storage project of approximately 1MW to 30MW. Earlier this year, the company completed two solar projects in Massachusetts for a total of 3.8 MW of solar power.
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."
OMERS Infrastructure’s global renewable energy holdings include Texas-based 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.
