IFM Investors and Ontario Teachers' Pension Plan Board (OTPP) announced that they have entered into a definitive agreement with Brookfield Infrastructure to jointly acquire a 100% interest in the Canadian district energy operations owned by Enwave Energy Corporation (Enwave) for CAD 2.8 billion (US$ 2.18 billion) on an enterprise value basis. IFM Investors and Ontario Teachers’ will retain the Enwave brand as part of this transaction and each will own 50% of the company.

Enwave is a fully integrated district energy business that provides innovative, sustainable district cooling and heating solutions to over 320 customers across a range of sectors in Canada. Spanning Toronto, London, Windsor, and Charlottetown, Enwave’s distribution network is well diversified across services and customers.

Enwave’s focus on providing clean, low-carbon energy is well-aligned with the overall responsible investing practices and net-zero carbon emissions pledges made by both IFM Investors and Ontario Teachers’.

Completion of the transaction is subject to customary closing conditions and regulatory approvals, with financial close expected in mid-2021.