Receive our newsletter – data, insights and analysis delivered to you
  1. Deals
February 3, 2021

Brookfield Infrastructure agrees to sell Enwave for $4.1bn

Brookfield Infrastructure has agreed to sell its wholly-owned North American district energy business Enwave.

By Shalini Nair

Brookfield Infrastructure has agreed to sell its wholly-owned North American district energy business Enwave.

Enwave will be sold through two separate deals. IFM Investors and the Ontario Teachers’ Pension Plan Board will acquire 100% of Enwave’s Canadian business, while QIC and Ullico will acquire 100% of the US business.

The deals are worth $4.1bn on an enterprise value basis. Net proceeds from the transactions are expected to be worth approximately $950m.

Brookfield Infrastructure CEO Sam Pollock said: “The sale of Enwave caps off a hugely successful investment for Brookfield Infrastructure, one in which we grew the business significantly through organic growth initiatives and follow-on acquisitions.

“These transactions begin what we anticipate being another strong year for Brookfield Infrastructure’s capital recycling program.”

Brookfield Infrastructure acquired Enwave in 2012. Under Brookfield’s ownership, Enwave’s network expanded with the acquisitions of district energy systems.

Content from our partners
How Hengst helped to keep Germany’s charity “star singers” shining
How one power station prevented frequent shutdowns with three-stage air filtration
Reimagining the carbon problem

Enwave operates in 13 cities and has more than 800 customers under long-term contracts.

It delivers 3,792,000 pounds per hour of heating and 327,000t of contracted cooling capacity across its network.

Subject to customary closing conditions, the deals are expected to complete in mid-2021.
Scotiabank and TD Securities are acting as joint financial advisors for Brookfield Infrastructure, and Goodmans and Mayer Brown as legal advisors.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy