Alberta Teachers’ and Manulife acquire interest of Ontario wind facility
A consortium including Alberta Teachers’ Retirement Fund Board (ATRF), Manulife Financial Corporation and Axium Infrastructure Inc. has acquired a one-third interest in the K2 Wind facility, a 270 megawatt wind power facility located near Goderich, Ontario. The remaining two-thirds interest is held, in equal proportion, by Pattern Energy Group Inc. and Capital Power Corporation.
“The K2 Wind facility is an excellent renewable energy asset that further enhances our infrastructure portfolio. We are pleased to be working in partnership with Axium and Manulife on this acquisition” said Rakesh Saraf, Head of Private Investments of ATRF.
“We are excited to be partnering with consortium members that share our long-term investment horizon for core infrastructure assets and to invest in this high quality asset” said Richard Lee, Managing Director – Project Finance & Infrastructure of Manulife.
The consortium acquired the stake from Samsung Renewable Energy for an undisclosed amount. Stikeman Elliott LLP acted as legal advisor to the consortium on the transaction.
Alberta Teachers’ Retirement Fund Board and Manulife Capital, which is owned by Manulife Financial Corporation, are members of the Canadian Venture Capital and Private Equity Association.