Brookfield Infrastructure Selling Enwave for $4.1 Billion

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Brookfield Infrastructure (NYSE: BIP)(NYSE: BIPC) has agreed to sell its North American district energy business, Enwave, for $4.1 billion. The company announced today that it is selling the business to institutional investors in two separate deals, splitting the Canadian and U.S. operations. Brookfield expects to receive $950 million in net proceeds from the transactions. 

Enwave’s district energy systems heat and cool buildings from a central plant using a network of underground pipes to pump steam, hot water, and chilled water into the facilities. Brookfield initially acquired Enwave for 480 million Canadian dollars ($375 million in today’s dollars at the current exchange rate) in 2012 and has since grown it into the largest district energy system in North America. In a 2017 shareholder letter, the company noted that it had since grown its district energy business to a nearly $2 billion enterprise value.  

Image source: Getty Images.

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