On September 23, 2022, OMERS Infrastructure sold its interest in MCV Holding Company, which owns the 1,633 MW Midland Cogeneration Venture (“MCV”), to a joint venture partnership between Capital Power Corporation and Manulife Investment Management.

The deal is valued at US$894 million, including the assumption of US$521 million of project-level debt.

MCV is the largest natural gas-fired combined electrical energy and steam energy generating plant in the US. The facility is a major supplier of electrical energy to customers in Michigan and the midcontinent, and a supplier of bulk process steam energy to nearby chemical production companies.

Blair McKechnie, Managing Director, acted as lead counsel for OMERS Infrastructure and Torys LLP acted as external counsel to OMERS Infrastructure with a team lead by Krista Hill and including Michael Horwitz, Stephen Neil, Tori Lechner-Sung and Winnie Hu (corporate/M&A); Ellie Kang (employment); Christopher Caparelli (regulatory); Alex Tanenbaum (real estate); Jon Wiener (financing); Jerald Wortsman, Peter Keenan and Michelle Lu (tax).

Winston & Strawn LLP acted as counsel to Capital Power Corporation and Manulife Investment Management.