QIC acquires interest in leading US district energy provider Enwave Energy

By District Energy posted 02-03-2021 07:42


PR Newswire


Australian investment manager, QIC, and consortium partner Ullico, have won a bid to acquire a 100% interest in the US business of Enwave Energy, North America's largest single-district energy platform. Enwave Energy's market-leading US business ("Enwave Energy US") provides district energy solutions by transferring thermal energy in the form of cold water, hot water or steam from a central energy plant through urban areas or campuses to cool and heat buildings.

Enwave Energy US currently serves more than 340 clients and operates in eight cities across eight states, providing energy solutions to more than 400 buildings across sectors including universities, school districts and hospitals such as Syracuse University and Louisiana State University.

With the delivery of essential services transitioning away from large centralised systems to decentralised models, the acquisition of Enwave Energy US is a continuation of QIC's focus on decentralised, sustainable infrastructure, having recently invested in two decentralised platforms: in February 2020, QIC invested in Generate Capital, a sustainability-focused distributed energy platform, based in San Francisco, and in December 2019, invested in Pacific Energy, a remote generation platform, based in Perth, Australia.

Ross Israel, QIC's Head of Global Infrastructure, said: "We are delighted to have been successful in securing such a high quality, core infrastructure platform which provides services to its customers under long term contracts and concessions.

"Our sector centric, thematic-based investment strategy targets distributed energy and sustainability, and Enwave Energy US is well positioned to take advantage of this growing market, leveraging its leading position in green energy and its demonstrated credentials operating North America's largest thermal ice storage facility in Chicago and executing in Denver on the largest sewer heat recovery system in North America.

"We are looking forward to leveraging our energy sector experience and working with the management team of Enwave Energy US to maintain, invest and grow the business into the future, continuing to differentiate it as an energy transition partner for its customers."

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