Acquisition financing for IFM Investors and Ontario Teachers’ Pension Plan Board incorporates C$410 million of green loans.
ING Capital LLC served as Green Structuring Coordinator and Mandated Lead Arranger in the completed acquisition of Enwave by IFM Investors and Ontario Teachers’ Pension Plan Board (Ontario Teachers). Enwave is one of the largest commercial operators of community-based district energy systems in North America, and has developed a Green Finance Framework in line with the LSTA, APLMA and LMA Green Loan Principles as well as the ICMA Green Bond Principles. Sustainalytics provided a second party opinion on the alignment of the Framework to both the Green Loan Principles and the Green Bond Principles.
The close of the transaction was announced today and incorporates C$410 million of Green Loans as part of the acquisition financing package that funds the purchase of the existing asset portfolio and further investments in eligible green projects in the areas of energy efficiency, renewable energy, pollution prevention & control and sustainable water & wastewater management.
“Sustainability is core to ING’s business, and we are proud to work with like-minded partners in IFM Investors and Ontario Teachers’ to leverage an innovative debt package that will help accelerate the delivery of low-carbon energy solutions across North America,” said Alex Bertram, Head of Infrastructure Finance Americas, ING. “This facility is unique in that the structure provides flexibility for Enwave to fund the acquisition of some of Enwave’s eligible green assets and also invest in future projects that support the roll-out of green technologies that help deliver on the company’s low-carbon goals. We are optimistic this provides a roadmap for a new generation of sustainable infrastructure expansion.”