BluEarth Renewables draws investors
ONTARIO - The private equity arm of Ontario Teachers' Pension Plan is plowing $75-million into startup BluEarth Renewables Inc., as part of a joint venture with ARC Financial Corp.
The level of investment isn't jaw-dropping, but it appears that renewable energy is back on the playing field. Clean tech and green energy were all the rage before the market crashed, and it looks like investors are becoming more lenient with their portfolios and open to hearing these stories again.
BluEarth Renewables isn't just any company. The management behind it came from former independent renewable energy player Canadian Hydro Developers Inc., which was bought by TransAlta Corp. BluEarth is run by Kent Brown, Canadian Hydro's former chief executive officer and the acquired company's co-founders, John and Ross Keating, are executive advisers.
Before Teachers' entered the fray, BluEarth had about $90-million in capital, mainly from ARC Financial. With the new investor on board, the company is looking to buy assets that are already generating power or close to completion.
As for geography, BluEarth previously said Alberta is one region the company will avoid, because the market is deregulated and prices are much too depressed right now.
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