Oversubscribed facilities deepen OMERS’ stake in energy transition infrastructure
OMERS Infrastructure has locked in €770m in new financing tied to its roughly 25 percent stake in Spanish energy logistics provider Exolum, reinforcing its exposure to energy transition infrastructure in Europe.
OMERS closed the new debt facilities at Borealis Spain Parent B.V., the holding company for its Exolum interest.
The financing drew both bank and private placement lenders and was oversubscribed, according to the firm.
Exolum is a Spanish-headquartered global energy logistics infrastructure company providing specialised solutions to support the energy transition, in which OMERS has been directly invested since 2016.
The company owns a 4,000km transmission pipeline network in Spain and operates a 2,000km pipeline network in the UK.
It also owns 68 storage terminals with a total capacity of more than 11 million cbm and serves over 48 airports worldwide – including Heathrow, Gatwick, Stansted, Madrid, Barcelona, Lisbon, Lima in Peru, and Charles de Gaulle – making it a global leader in aviation fuel infrastructure.
Michael Hill, executive vice-president and global head of OMERS Infrastructure, said “the scale, pricing, and the engagement of both bank and private placement lenders in this process demonstrate the strong fundamentals and quality of the Exolum investment, as well as the expertise of our team.”
He noted that the offering was oversubscribed, with lenders responding to the company’s growth, energy transition diversification strategy and leadership.
He also thanked those involved in the process, including Exolum’s management.
The announcement comes after the recent close of an inaugural senior unsecured bond issuance totalling $1.5bn for OMERS’ holding in Bruce Power, a company in Ontario in which OMERS has been directly invested since 2003.
