OMERS enters distributed solar space with Navisun deal

In its fourth renewables deal of the year, the Canada-based pension fund vehicle bought Navisun.

November 2, 2021 Ryan Kennedy

Navisun solar project on a former landfill in Beverly, Massachusetts.

Image: Navisun

Toronto-based OMERS Infrastructure signed an agreement with a fund managed by Ares Management Corp. to acquire Navisun LLC, a distributed generation PV producer.

Navisun acquires, co-develops, constructs, finances, and operates both distributed and small utility-scale and storage projects across the U.S. Founded in 2017, the Massachusetts company targets solar and storage projects ranging from 1 MW to 30 MW.

The deal with Navisun represents OMERS Infrastructure’s entry into the distributed generation space. OMERS Infrastructure is the infrastructure investment advisor and manager of OMERS, the pension plan for municipal employees in the Province of Ontario, Canada.

Financial details were not disclosed. CohnReznick Capital Markets Securities served as financial advisor to OMERS, and Sharman & Sterling provided legal advice. The transaction is expected to close in the first quarter, subject to regulatory approval.

OMERS holdings also include Leeward Renewable Energy, owner and operator of 22 renewable energy facilities with a combined installed capacity of over 2 GW in the United States. In April, Leeward closed on a roughly 10 GW PV development pipeline from module manufacturer First Solar.

In October, Leeward signed a 15-year power purchase agreement with Valley Clean Energy, a California community choice aggregator. The is in Kern County and includes 72 MW solar and 35 MW (144 MWh) of storage.

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