Ontario Teachers' invests $75 million in green power

Thu Dec 16, 2010 10:20am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

TORONTO (Reuters) - The Ontario Teachers' Pension Plan said on Thursday it will commit up to C$75 million ($75 million) in equity capital to privately held green-power company BluEarth Renewables Inc.

Calgary-based BluEarth is a developer, builder and operator of hydro, wind and solar energy projects in North America.

The company has raised C$160 million in equity so far, including the funding from Teachers' and an investment from ARC Financial Corp.

"We are well positioned to acquire and develop renewable power projects and operating assets that may be lacking capital and experience," said BluEarth Chief Executive Kent Brown in a press statement.

He added that the money raised will be used to support the company's growth strategy and goal of becoming a leading renewable power producer.

Teachers' is one of the world's largest private equity investors with C$96.4 billion in assets.

($1=$1.00 Canadian)

(Reporting by Julie Gordon; editing by Peter Galloway)