Thursday, December 08, 2011

ENWAVE for Sale

The City of #Toronto and OMERS have put the ENWAVE Energy Corp up for auction, that's going to net some serious dough from some hot and cold air.
The Ontario Municipal Employee Retirement System could have purchased the balance of the company from the City but decided to back the City's decision to unload the steam and deep lake water cooling utility to the highest bidder.
ENWAVE employees react by letting out a lot of hot water that causes steam to fill the air at Bay and Queen Street in Toronto.
"TORONTO, ONTARIO--(Marketwire - Dec. 7, 2011) - The shareholders of Enwave Energy Corporation ("Enwave"), the City of Toronto and Ontario Municipal Employees Retirement System ("OMERS"), have directed the Board of Directors of Enwave to solicit proposals for a sale of 100% of the shares of Enwave through a competitive auction process. The Board of Directors of Enwave will create a special committee of the Board and retain a financial advisor to assist in their oversight of the process.

On November 30, 2011, Toronto City Council authorized the City of Toronto to sell its interest in Enwave. In connection with the proposed sale of their interests in Enwave, the City of Toronto and OMERS have waived their right of first refusal to purchase Enwave shares from a selling shareholder pursuant to the shareholders agreement between Enwave, OMERS and the City of Toronto. The change was made to promote an open auction process that maximizes the potential return to the two shareholders."
ENWAVE's "district heating system in Toronto consists of a network of approximately 26 km of underground steam and condensate return pipes within a geographical area of some 15 sq km in the city's downtown core. The pipes connect our three steam production plants to each other and to customers’ buildings. Enwave’s system relies on 16 boilers with a maximum design capacity of 522 MW of thermal generation and a maximum current capacity of 381 MW (in accordance with our redundancy protocol, which stipulates a quantity of unused capacity be reserved to safeguard against unforeseen interruptions in supply). The peak load recorded to date on Enwave’s system was approximately 337 MW."

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