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Borealis Infrastructure today announced that it has entered into an agreement to sell its 57% stake in Enwave Energy Corporation to a corporation indirectly owned by a partnership sponsored by Brookfield Asset Management.

The sale price represents an enterprise value for Enwave of $480 million and proceeds of approximately $223 million to Borealis, the infrastructure investment arm of the OMERS pension plan.

The City of Toronto has also agreed to sell its 43% stake in Enwave to Brookfield on the same terms as the sale by Borealis Infrastructure.

“Enwave was one of the first investments made by Borealis Infrastructure, and we are extremely proud to have been an integral part of building it into the great company it is today,” said Michael Rolland, President and CEO of Borealis Infrastructure.

Borealis and OMERS also recognize the strong leadership shown by Enwave’s management team and wish them continued future success.