OMERS's Infrastructure unit sells stake in U.S. Cogeneration Plan to GSIA
OMERS, through its Borealis infrastructure arm has agreed to sell one-third of its stake in the 1,560MW Midland Cogeneration Venture plant in December 2012 for an undisclosed sum to the Global Strategic Investment Alliance (GSIA).
The GSIA is currently an alliance between OMERS (one of Canada's largest pension plans), Pension Fund Association, Mitsubishi Corporation, Japan Bank for International Cooperation, and Mizuho Bank*. The GSIA announced its first close at US$7.5billion USD in April 2012. Its goal is for like-minded, long-term global investors to work together in pursuit of attractive, large-scale assets including airports, railways, ports, power generation & distribution, and gas pipelines mainly in North America and Europe. Borealis Infrastructure, which invests in and manages infrastructure assets on behalf of OMERS, will originate and manage all GSIA assets including the GSIA's investment in MCV.
MCV is the largest natural gas fired, combined cycle cogeneration plant in the United States, which is capable of producing up to 1,633 MW of electricity. MCV has been one of the core and essential infrastructure assets in Michigan, providing electricity to Consumers Energy and steam/electricity to Dow Chemical based on long term contracts.
2.5billion USD commitments made by four Japanese investors (Pension Fund Association, Mitsubishi Corporation, Japan Bank for International Cooperation, and Mizuho Bank) are managed by wholly owned Mitsubishi Corporation subsidiaries Double Bridge Infrastructure Inc. and DBI Management Inc.
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