Ontario pension fund to grow stake in BluEarth Renewables

The Ontario Teachers' Pension Plan has agreed to increase its existing shareholding in Calgary-based renewable power producer BluEarth Renewables Inc, the parties said on Thursday.

Teachers' will buy all the shares currently held by ARC Financial Corp through its ARC Energy Fund 6 plus those held by minority shareholders. At the same time, BluEarth’s management and employees will retain a stake in the company.

The transaction, whose value was not disclosed, is expected to close by the end of next month.

BluEarth said that it will continue to concentrate on the acquisition, development, construction and operation of wind, hydro and solar power projects in Canada and, when opportunities emerge, in other markets. The company currently has 18 Canadian projects with a combined capacity of 174 MW in its portfolio and a pipeline of early-stage developments.

Upon completion of the share purchase deal, BluEarth’s president and CEO, Kent Brown, will be replaced by the firm’s current chief operating officer, Grant Arnold. Brown will continue to be part of the board of directors and will also assume the role of executive advisor.

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