Toronto and OMERS to Dispose Enwave Energy Corporation

Posted on Technews Blog

Date: December 7, 2011

Author: TFmedia Corporation

 

The City of Toronto and Ontario Municipal Employees Retirement System (OMERS) are soliciting proposals for the sale of 100% of Enwave Energy Corporation through an auction process. A financial advisor will be retained to assist process.

 

On November 30, 2011, Toronto City Council authorized the City of Toronto to sell its interest in Enwave. In connection with the proposed sale of their interests in Enwave, the City of Toronto and OMERS have waived their right of first refusal to purchase Enwave shares pursuant to the shareholders agreement between Enwave, OMERS and the City of Toronto. OMERS owns its stakes indirectly in Enwave through BPC Penco Corporation.

 

Enwave is an energy company that operates one of the largest district energy systems in North America, providing environmentally sustainable heating and cooling to more than 140 commercial, institutional and multi-residential buildings. In Toronto, 40 km of underground pipes interconnect over 140 buildings to three steam plants and to the company’s world-renowned Deep Lake Water Cooling system. Customers include all the major downtown hospitals, multi-residential and class A commercial office towers, entertainment facilities and government buildings. In Windsor, the Enwave managed system supplies hot and chilled water to the City’s Utilities Commission and the Windsor Casino.

 

Formerly known as the Toronto District Heating Corporation, Enwave was privatized and incorporated in December 1999.