Brookfield sells a stake in the platform serving 1.4 million Canadian homes and firms
The Public Sector Pension Investment Board will pay $1.6bn for a 50 percent interest in Enercare Inc., buying the stake from Brookfield and its institutional partners.
The transaction is expected to close in the first half of 2027, following receipt of customary regulatory approvals, according to the PSP Investments announcement.
Enercare supplies water heaters, heating, ventilation and air conditioning equipment, water purification systems and protection plans, along with related services.
The company serves more than 1.4 million Canadian homes and businesses, with a presence in Ontario and Quebec and a growing footprint in Western Canada, PSP Investments said.
The stake will sit in the manager’s High Inflation Correlated Infrastructure portfolio.
Andrew Alley, managing director and global head of infrastructure investments at PSP Investments, said in the announcement that the deal will rank among the fund’s largest direct infrastructure investments in Canada.
Alley said PSP is investing where its local knowledge, relationships, and experience apply, pointing to the company’s recurring revenue model and customer relationships.
In the fiscal year ended March 2026, PSP Investments invested more than $10bn in Canada, bringing its gross assets under management in the country to over $75bn.
The manager said it expects its Canadian investments to surpass $100bn over the next few years.
PSP Investments has held a position in Enercare since 2018, when it co-invested alongside Brookfield in the privatization of the company.
Enercare has since expanded into Quebec and Western Canada, PSP Investments said, and both partners remain committed to further growth through expansion of the customer base and new products and services.
Enercare will continue to be led by its existing management team.
Nick Perreten, president and chief executive officer of Enercare, said in the announcement that the company will keep executing its strategy with the support of two long-term investors.
