Brookfield Acquires Enwave Energy from Borealis Infrastructure and City of Toronto

A partnership sponsored by Brookfield Asset Management Inc., a global alternative asset manager with over $150 billion in assets under management acquired the City of Toronto's 43 per cent interest and Borealis Infrastructure's 57 per cent interest in Enwave Energy Corporation. The sale price represents an enterprise value for Enwave of approximately $480 million and resulted in proceeds of approximately $167 million to the City of Toronto and approximately $222 million to Borealis Infrastructure, the infrastructure investment arm of the OMERS pension plan.

Enwave was restructured from a legislated co-operative of MUSH sector entities to a for-profit share capital corporation in 1999, owned by the City of Toronto and Borealis Infrastructure. The restructuring enabled Enwave to finance its Toronto-based deep lake water cooling project. Today Enwave is a fully integrated, sustainable energy services provider with district energy operations in Toronto and Windsor.

Enwave Energy Corporation was represented by McCarthy Tétrault LLP with a team led by David Lever, and included Ian Palm, Suzanne Murphy and Waleed Elgohary (business law); Jerald Wortsman (tax); Jamie Orzech (real property); Greg Winfield (pensions); Douglas Thomson (environmental); Oliver Borgers and Jonathan Bitran (competition); Ian Bies (intellectual property); Daniel Pugen (employment); George Vegh and Kerri Lui (energy).

Borealis Infrastructure was represented by Paul Manias, Vice President - Legal.

The City of Toronto was represented by Michael A. Smith, Solicitor, and by Erik Goldsilver and Tali Eliav of Cassels Brock & Blackwell LLP.

Brookfield was represented internally by Justin Beber, Managing Partner and Counsel, and James Rickert, Senior Associate, and externally by Goodmans LLP with a team that included Lawrence Chernin, Daniel Gormley, Sheldon Freeman, Joanna Creed, Shazia Banduk and James Van Diepen (corporate); Mitchell Sherman and Mark Biderman (tax); Ira Barkin (real estate); Richard Annan (competition); Kate Lyons and Nick Staubitz (municipal); Peter Ruby (regulatory); Joe Conforti and Sara Gottlieb (labour / employment); Tom Macdonald (environmental) and Celia Rhea, Michael Bertrand, Vanessa Yeung and Ronna Weatherly (banking).