Toronto, Ontario June 28, 2021 -- Enwave Energy Corporation, a leading innovative energy provider, announces today a definitive agreement with Windsor Utilities Commission (WUC) to acquire District Energy Windsor (DEW).
A longtime owner and operator of the thermal generation facilities for the DEW system, Enwave has been imbedded in the fabric of Windsor since 2015, supplying hot and chilled water to DEW. With an in-depth knowledge of the existing system, unparalleled technical expertise, and an established history of providing reliable and efficient energy to municipalities across Canada, Enwave was chosen following a rigorous RFP process, to acquire the distribution assets for the DEW system, allowing the continued maintenance and growth of this system.
Enwave’s Chief Executive Officer Carlyle Coutinho said, “Enwave is excited for the opportunity to expand our relationship with the City of Windsor to meet their low carbon energy goals. We look forward to investing and expanding DEW’s infrastructure and solutions to align with the City’s growth demands of hospitals, commercial buildings, and residences.”
ENWIN, Windsor’s local utility provider and current operator for the water system owned by WUC, sees this as a positive step in its plan to ensure the best possible service to its water customers at the lowest possible rates, while growing local district energy capacity to levels needed to support the City of Windsor’s Community Energy Plan (CEP).
ENWIN CEO Helga Reidel anticipates the sale will offer growth potential, while protecting WUC customers from potential rate increases associated with the necessary levels of investment. “DEW will benefit from consolidation of all assets under one company, and the sale offers numerous benefits to the Windsor community, including the growth needed to meet the requirements of the Windsor CEP, without penalty or negative impact to WUC ratepayers. We see this agreement as beneficial for DEW, WUC, water ratepayers and the City.”
The DEW acquisition follows the recent news of Enwave’s new ownership, announced on June 7, 2021 that it finalized its sale to Ontario Teachers’ Pension Plan (OTPP) and IFM Investors. OTPP and IFM Investors share a focus on long-term, value generating, responsible investments and proudly support the investment in DEW as one of its first acquisitions as new owners.
Coutinho concludes, “This acquisition reflects Enwave’s and our new owners’ core mission to invest in and build sustainable infrastructure. We are equipped with an entrepreneurial spirit and an arsenal of innovative solutions that will enable the City to reach its ambitious CEP goals.”