OMERS has launched a sale process for Navisun, a Massachusetts-based distributed generation (DG) solar developer, three sources familiar with the process told Infralogic.

Marathon Capital is acting as financial advisor to OMERS on the sale process, the first two sources said. The process is still in the first round and launched roughly a month ago, the first source added.

Headquartered in Hingham, Massachusetts, Navisun develops and operates distributed and small utility-scale solar and storage projects in the US. The firm has roughly 133 MW worth of projects in operation and under construction, according to the company’s website.

Project sites are located in Illinois, Massachusetts, Maine, Texas, Virginia, and Rhode Island, with additional sites in development in Maryland, Ohio, Iowa, and Michigan, according to a map on the company’s website. Navisun also has offices in New Jersey and Illinois.

OMERS, the Ontario Municipal Employees Retirement System, a Toronto-based public pension fund, reached a deal to acquire Navisun from Ares Management Corporation in November 2021.

In 2023, Navisun closed up to USD 235m in debt financing.

Navisun is one of perhaps a dozen or more distributed generation firms on the market, either for a company sale, a portfolio sale, or a capital raise. Energy Capital Partners’ Pivot Energy, OnSwitch, Radial Power, and Green Lantern Solar are some of the firms that have recently hit the market. Policy uncertainty has driven investors to look at DG over utility-scale renewables projects, some in the industry have said.

OMERS and Navisun declined to comment. Marathon did not respond to requests for comment.