Enersource Corporation Created Through Strategic Alliance

On December 13, 2000, the completion of Enersource Corporation (Enersource)—a strategic alliance among the City of Mississauga, Borealis Energy Corporation (Borealis) and the Ontario Municipal Employees Retirement System (OMERS)—was announced. Also announced was the appointment of a new eight-member Enersource board of directors to lead the City-owned utility and energy services company into the new electricity market. Board members include President and CEO of OMERS, Dale E. Richmond, and Hazel McCallion, Mayor of Mississauga.

Enersource’s objectives are to facilitate the recapitalization and consolidation of municipal electric utilities within the 905 telephone area code. Borealis and OMERS have provided Enersource with debt and equity facilities totalling in excess of $1.8 billion to facilitate these objectives. On December 6, 2000, Enersource Corporation acquired all of the shares in the capital of Hydro Mississauga Corporation.

McCarthy Tétrault acted on behalf of Enersource Corporation, OMERS and Borealis, with a team led by David Lever and including Iain Morton, Stephen Clark, Greg Stone (corporate), Godyne Sibay (real estate) and Jerald Wortsman (tax). Representing the City of Mississauga and Hydro Mississauga Corporation were a team from Fraser Milner Casgrain led by William Houston of the firm’s Ottawa office and including Brian Carr, John Rhude and Jill Leonard from Fraser Milner’s Toronto office.