OMERS Infrastructure to acquire US distributed solar firm Navisun

Canadian investor OMERS Infrastructure said Tuesday it has agreed to acquire US distributed generation solar power producer Navisun LLC from a fund managed by Ares Management Corp (NYSE:ARES).

The move marks an entry for OMERS Infrastructure, the infrastructure investment manager of Canadian pension plan OMERS, into the distributed generation space.

Set up in 2017, Hingham, Massachusetts-based Navisun co-develops, acquires, builds, owns and operates distributed and small utility-scale solar and storage projects, typically 1 MW to 30 MW in size, across the US.

OMERS Infrastructure said it will support Navisun in growing into a major distributed generation solar power and storage platform.

Navisun will add to OMERS Infrastructure’s renewable energy investments, which include Leeward Renewable Energy, an owner of more than 2 GW of installed renewable energy capacity in the US. Earlier in 2021, OMERS Infrastructure acquired a 19.4% stake in Indian renewable power producer Azure Power Global Ltd (NYSE:AZRE). In October, it agreed to buy 49% of the Aussie unit of Spain-based Fotowatio Renewable Ventures (FRV).

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