BluEarth Announces Expanded Partnership with Ontario Teachers’ Pension Plan Board and Executive Team Transition
Calgary, Alberta – June 25, 2015 – BluEarth Renewables Inc. (BluEarth) is pleased to announce one of BluEarth’s major shareholders, Ontario Teachers’ Pension Plan (Teachers’), will acquire all of the outstanding shares of BluEarth previously owned by ARC Energy Fund 6, advised by ARC Financial Corp. (ARC), and minority shareholders. Under this new partnership, BluEarth will continue to focus on the acquisition, development, construction and operation of renewable energy projects in Canada and potential opportunities outside of Canada. Financial terms of the acquisition were not disclosed. Closing is expected to occur by the end of July 2015. CIBC World Markets acted as exclusive advisor to BluEarth on the transaction.
“Our enhanced partnership with Teachers’ marks a significant milestone for BluEarth,” said Kent Brown, President & CEO of BluEarth. “We are proud of the great company that we have built so far and we are looking forward to a long-term relationship with Teachers’ as we strive to be the renewable energy leader in Canada. I would like to thank our foundational partner ARC for their incredible support, belief and trust in me, and our team.”
“We would like to thank Kent and the BluEarth team for building a great company in a short period of time,” said Kevin Brown, Co-CEO of ARC Financial Corp. “We have been extremely pleased with our investment in BluEarth and the outcome of this transaction.”
“The BluEarth team has built a Canadian renewables industry leader in only five years and we are excited to be moving forward with BluEarth’s next phase of growth,” said Jane Rowe, Senior Vice President at Teachers’. “Teachers’ will benefit on a long-term basis from BluEarth’s portfolio of contracted renewable power projects and we’re looking forward to capitalizing on further growth in the sector with an industry-leading team.”
Concurrent with this transaction, BluEarth also announces the appointment of Grant Arnold to President & CEO from his previous role of Chief Operating Officer. Kent Brown, co-founder and President & CEO remains as a member of the Board of Directors and will transition to the role of Executive Advisor. These changes take effect at closing.
“I am extremely proud of the great company that we have built in the last five years,” said Kent Brown. “BluEarth is in an excellent position to continue to grow with one of the best teams in the industry. Over the past four years, Grant has been a leader and key to BluEarth’s success. He will excel in his new role.”
“I would like to thank Kent for his contribution to BluEarth and his entrepreneurial vision during the formative stages of the Company,” said Grant Arnold. “BluEarth has a solid foundation and an experienced team with a track record of success. It’s an honour and a privilege for me to lead the team in this next phase of growth.”
About BluEarth Renewables Inc.
Headquartered in Calgary, BluEarth is a private independent renewable power producer, focused on the acquisition, development, construction and operation of wind, water, and solar projects, with a focus on Canada. With the most experienced renewable energy development team in Canada, BluEarth’s mission is to be the renewable energy leader by developing, building, and operating a portfolio that optimizes people, planet, and profit. BluEarth believes it has the power to change the futureTM by demonstrating how to be sustainable and profitable, leaving the world a better place. For more information, visit www.bluearth.ca or follow us on twitter @BERenewables.
For more information, contact:
BluEarth Renewables Inc.
(403) 668-1575 x422