Milbank represented Bank of Montreal and the Canadian Imperial Bank of Commerce as Joint Bookrunners, as well as ING Capital LLC, MUFG Bank, Ltd., Canada Branch, National Bank of Canada, Royal Bank of Canada and The Bank of Nova Scotia as Mandated Lead Arrangers, in the approximately C$1 billion acquisition financing of the purchase of Enwave Energy Corporation’s (“Enwave”) infrastructure assets in Canada from Brookfield by IFM Investors (“IFM”) and Ontario Teachers’ Pension Plan Board (“OTPP”).
Enwave Energy provides large-scale district heating and cooling services across the United States and Canada with a focus on providing clean, low-carbon energy.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partner Daniel J. Michalchuk and Global Corporate partner John D. Franchini with support from Global Project, Energy and Infrastructure Finance associates Sean O’Neill, Olivia Scandura and Martin Lockman.
Mr. Michalchuk noted, “The joint acquisition between IFM and OTPP reflects confidence in Enwave’s energy platform as IFM and OTPP continue to expand their infrastructure portfolio across North America. We are grateful to have supported IFM and OTPP on the financing of this acquisition.”
Mr. Franchini noted, “We are pleased to have had the opportunity to support IFM and OTPP in connection with their successful acquisition of Enwave’s Canadian assets. This transaction highlights the firm’s continued commitment to strategic infrastructure transactions globally.”
