QIC acquires interest in leading US district energy provider Enwave Energy

NEW YORK, Feb. 2, 2021 /PRNewswire/ -- 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."

President and CEO of Ullico Inc., Edward M. Smith, said: "Ullico is proud to invest in an important district energy platform providing critical and sustainable infrastructure services to some of the largest and fastest-growing cities in the country.

"We hope to be long term partners in the communities we operate in and continue delivering innovative infrastructure solutions."

QIC's acquisition of Enwave Energy US further diversifies its North American portfolio, where in addition to the investment in Generate Capital last year, QIC has US concession investments in the campus parking systems of MasParc at Northeastern University and CampusParc at The Ohio State University, as well as in the Long Beach Courthouse PPP.

This acquisition expands QIC's global infrastructure footprint to 20 assets in six countries across the transport, energy and utilities and the social/PPP sectors.

About QIC

QIC is a long-term specialist investment manager in alternatives offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$85bn (US$65bn) in funds under management¹. QIC has over 800 employees and serves more than 115 clients. Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, Los Angeles, San Francisco, London and Copenhagen. For more information, please visit: www.qic.com.

¹As at 31 December 2020

About QIC Global Infrastructure

QIC is a long-term infrastructure investor with an established global platform, an active management approach and a proven, 14-year track record. With a global team of more than 55 professionals across five offices (including an office in New York), QIC Global Infrastructure manages A$14.5bn (US$11.2bn) across 19 global direct investments and has realised a further A$7.2 billion (US$5.6bn) of investments for its clients². Its sector-centric and thematic-based investment strategy deconstructs risk across sector value chains identifying relative value for investment across market cycles. This drives a targeted origination approach, enabling the firm to build diversified portfolios for its clients.

QIC's investments in decentralised infrastructure include Generate Capital (a sustainability-focused distributed energy platform based in the US) and Pacific Energy (a remote generation platform in Australia).

See QIC's insight piece on decentralised infrastructure: What's behind Distributed Energy?

²As at 31 December 2020. USD values converted using 31 December 2020 FX rates

About Ullico

For more than 90 years, Ullico has been a proud member of the labor movement, keeping union families safe and secure.

From insurance products that protect union members, leaders and employers, to investments in building and infrastructure projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC; Ullico Investment Company, LLC (Member FINRA/SIPC); Ullico Investment Advisors, Inc.; and Ullico Benefit Solutions, LLC. For additional information, visit www.ullico.com.

Important Information

QIC Limited ACN 130 539 123 ("QIC") is a wholesale funds manager and its products and services are not directly available to, and this document may not be provided to any, retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) ("Corporations Act"). QIC Private Capital Pty Ltd ("QPC"), a wholly owned subsidiary of QIC, has been issued with an AFS licence and other wholly owned subsidiaries of QIC are authorised representatives of QPC. QIC's subsidiaries are required to comply with the Corporations Act. QIC does not hold an Australian financial services ("AFS") licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority ("FCA"), the United States Securities and Exchange Commission ("SEC") and the Korean Financial Services Commission.

For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly.

The statements and any opinions in this document (the "Information") are for commentary purposes only and do not take into account any investor's personal, financial or tax objectives, situation or needs. The Information is not intended to constitute personal legal or investment advice and it does not constitute, and should not be construed as, an offer to sell or solicitation of an offer to buy, securities or any other investment, investment management or advisory services.

SOURCE QIC

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