BluEarth Gets C$81 Million for Renewable Energy Projects

BluEarth Renewables Inc., a closely held renewable-energy developer, raised a C$81 million ($71 million) round of equity financing from existing investors to buy and develop hydro, solar and wind power in North America.

Major shareholders Ontario Teachers’ Pension Plan Board and ARC Financial Corp. increased their investment in the company, Calgary-based BluEarth said today in a statement.

“With this renewed support from our investors, we are well positioned to build on our current momentum,” Kent Brown, BluEarth president and chief executive officer, said in the statement.

BluEarth, founded in 2010, aims to have C$1 billion of operational energy assets by 2017, Brown said. By the end of next year, it expects to have about C$650 million.

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