Australia’s QIC and consortium partner Ullico have won a bid to acquire a 100 percent interest in the U.S. business of Enwave Energy, North America’s largest single-district energy platform, from Brookfield Infrastructure.
According to Brookfield, the business will be divested through two separate transactions for total consideration of $4.1 billion on an enterprise value basis. In one transaction, QIC and Ullico acquired the U.S. business; while in the other transaction, Ontario Teachers and IFM Investors agreed to buy out Enwave’s Canadian business.
Enwave Energy U.S. provides district energy solutions by transferring thermal energy in the form of cold water, hot water or steam from a central energy plant through urban areas or campuses to cool and heat buildings.
Enwave Energy U.S. currently serves more than 340 clients and operates in eight cit
