Enwave business sold for $4.1B
By HPAC MagazineHPAC General HVAC Systems Hydronics Deep Lake Cooling district energy Enwave
Ontario Teachers’ Pension Plan Board and IFM Investors (based in Australia) have agreed to acquire Enwave’s Canadian business.
Brookfield Infrastructure is selling Enwave, its North American district energy business for $4.1 billion. Ontario Teachers’ Pension Plan Board and IFM Investors (based in Australia) have agreed to acquire Enwave’s Canadian business. The Enwave U.S. business was sold to QIC and Ullico.
Enwave was acquired by Brookfield in 2012 and has become the largest district energy system in North America. Brookfield expanded Enwave’s network by acquiring other district energy systems and driving an organic growth strategy. Over its time, 135 new customer buildings were added and earnings grew at a compounded annual rate of over 20%.
Today, the business operates in 13 major cities (Toronto, London (Ont.), Charlottetown, Windsor, Chicago, Los Angeles, Houston, New Orleans, Seattle, Las Vegas, Portland, Seattle, Denver), serving over 800 customers under long-term contracts and delivers 3,792,000 pounds per hour of heating and 327,000 tons of contracted cooling capacity across its network.
In Toronto alone, Enwave’s district energy network is anchored by the Deep Lake Water Cooling system, which displaces 55 MW of power consumption annually. In total some 180 buildings, over 40 million sq. ft. of downtown real estate is served, including: hospitals, commercial offices, hotels, condominiums and data centres.