Canadian pension fund investor and asset manager OMERS Infrastructure has bought a 49% stake in FRV Australia’s renewable energy platform, which includes 637 megawatts of direct current from six operational and under-construction solar photovoltaic ( PV ) assets, located in strong parts of Australia’s national electricity market, whose energy and green products are contracted with high-quality counterparties, as well as a development pipeline comprising of 2.7 gigawatts ( GW ) of direct current from solar PV projects and 1.3GW-hours of battery energy storage system assets.

The sale represents an important milestone for Fotowatio Renewable Ventures ( FRV ), a global developer of utility-scale renewable energy projects and part of Abdul Latif Jameel Energy,  which has been active in Australia since 2010.

The proceeds from the fund-raising process, which started earlier this year, will allow FRV Australia to achieve ambitious further growth plans in the country. The deal, and subsequent partnership with a top-tier investor like OMERS Infrastructure, according to FRV Australia, is a strong signal of confidence in the high value of its portfolio of projects and development pipeline.

OMERS Infrastructure’s global renewable energy holdings include Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine US states, totalling more than 2GW of installed capacity.

Credit Suisse and White & Case acted as exclusive financial and legal advisers to FRV, respectively, while ICA Partners and Herbert Smith Freehills acted as exclusive financial and legal advisers to OMERS Infrastructure.