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Assets


Borealis Infrastructure has developed a diversified portfolio of infrastructure assets in Canada. Under its current business plan, it will expand the portfolio, opening up co-­investment participation for third-party investors, and acquire interests in existing assets outside Canada.

Transportation

  • Associated British Ports: In August 2006, Borealis Infrastructure, as part of the Admiral Consortium, successfully completed the 100% acquisition of the UK’s largest ports company, Associated British Ports Holdings Ltd. (ABP) for a total value of USD$6.3 billion. ABP currently owns 21 ports and employs over 2,400 staff. ABP handles almost one quarter of UK seaborne trade, measured by tonnage. As part of the consortium, Borealis acquired a 33.3 per cent interest in the asset with GIC (33.3 per cent), Goldman Sachs (23.3 per cent) and Infracapital (a subsidiary of Prudential plc) attaining the balance of the ownership. Further information on ABP can be referenced at www.abports.co.uk.
  • Detroit River Rail Tunnel: OMERS jointly owns with Canadian Pacific Railway the 8,5OO-foot Detroit River Rail Tunnel that links Windsor and Detroit. More than $130 billion of goods flow annually through this cross-border asset. This trade is expected to triple in the next five years. Additionally, a $600 million new rail tunnel and high-speed truck route are proposed for completion within five years to assure shippers fast and competitive routing on North America's busiest free-trade corridor. For more information, please visit http://www.thejobstunnel.com/.
  • Confederation Bridge: Through a subsidiary, BPC Maritime Corporation, OMERS owns a 65 per cent interest in Strait Crossing Development Inc. (SCDI) the operator of the 12.9-kilometer Confederation Bridge that links Prince Edward Island and New Brunswick. SCDI manages the two-lane bridge under a concession agreement with the Government of Canada until 2032. Toll rates for the 10-minute crossing are government regulated and 75 per cent inflation protected. Other SCDI investors are Vinci Concessions Canada Inc., Strait Crossing Inc. and Ballast Nedam Canada Developments Inc.  Details are available at http://www.confederationbridge.com/

Energy

  • Bruce Power: OMERS has a 31.6 per cent interest in the lease of nuclear power facilities operated by Bruce Power. The other investors are Cameco Corporation and TransCanada Pipelines Ltd. with 31.6 per cent each, and the Power Workers Union and Society of Energy Professionals with a 5.2 per cent interest. Bruce Power consists of two power stations, each with four CANDU reactors, that provide approximately 20 per cent ofOntario's electricity and employ more than 3,500 highly skilled workers. For further information, please visit http://www.brucepower.com./
  • Enwave: OMERS is the majority equity owner of Enwave District Energy Corporation, with the City of Toronto as the minority shareholder. Via underground piping, Enwave delivers clean and energy-efficient heating to more than 120 hospital, university and office buildings in Toronto's financial district from three plants. A fourth plant delivers chilled water drawn deep from Lake Ontario to four customers, including the Air Canada Centre and Metro Toronto Convention Centre. The deep lake water cooling project is being expanded to air condition further buildings. Enwave is the second largest district energy system in North America. For the latest information, please visit http://www.enwave.com/
  • Enersource: OMERS has a 10 per cent equity interest in Enersource Corporation, with the City of Mississauga the majority owner. Borealis also arranged a bond issue to refinance the local utility, Enersource Hydro Mississauga, which provides electricity to 175,000 subscribers and is the second largest municipal electric utility in Ontario. Enersource is one of the top five in North America based on performance measures that include revenue and controllable costs per employee. Enersource Corporation owns related non-regulated companies and plans to offer one-stop shopping for energy-related services to the business, residential and utility markets. Further details can be found at http://www.enersource.com./

Infrastructure Buildings

  • Schools: Borealis Infrastructure arranged for the purchase by OMERS, one school and built 15 others in 2000 to create a portfolio of 16 elementary and secondary schools in Nova Scotia. The properties are leased to the province until 2020. Borealis Infrastructure assembled the design, construction and operational team and arranged all aspects of the debt and equity financing under a master trust.
  • Long Term Health Facilities: Borealis Infrastructure has a strategic partnership with Ontario's Ministry of Health and Long Term Care, as well as with several private and not-for-profit licensed healthcare providers such as Extendicare, to deliver new long-term care facilities. Already, Borealis Infrastructure has delivered 12 out of 12 long-term care facilities that will ultimately provide more than 1,700 beds. Borealis raised the private placement debt and equity for these facilities.

Pipelines

  • Express Pipeline System: The $1.2 billion Express System is the major pipeline exporting conventional and synthetic crude oil from Alberta to the Rocky Mountain and Midwest states. OMERS is an investor with Terasen Inc. and Ontario Teachers' Pension Plan. The 1700-mile system, including the Platte Pipeline, serves refineries in Montana, Wyoming, Utah, Colorado, Kansas and Illinois. Additional information can be found at http://www.terasen.com/

Other investments

  • Ceda Holdings Ltd., was purchased in September 2005 and provides maintenance and "turn-around" services to the oil refining, petrochemical, pulp and paper, and power generation industries in Canada and the US. Established in 1972 and headquartered in Calgary, CEDA has over 1,800 union and non-union employees, an excellent safety record and a long history of growth and profitability.
  • MDS Diagnostics: In February 2007 Borealis Infrastructure concluded an agreement to acquire 100% of the Diagnostics business operated by MDS Inc. in both Ontario and British Columbia. Under the terms of the deal, Borealis Infrastructure invested approximately $1.35 billion to acquire the asset. The diagnostics business is the largest operator of private sector community-based laboratories in Canada. In total, the business operates over 250 patient service centers and testing facilities and provides over 50 million diagnostic tests to over 10 million patients and nearly 20,000 physicians across Canada, annually.