Canadian pension fund OMERS Infrastructure’s sale of a stake in Leeward Renewable Energy, a utility-scale renewables developer, is in the second round, according to six sources familiar with the matter.

OMERS is looking to sell a minority or a significant minority stake in the business, two of the sources said. The company is valued between USD 3bn and USD 4bn, those same sources added.

The sellers collected first-round bids in the last week of July, three of the sources said.

On 30 May, Infralogic reported that OMERS had hired JPMorgan to advise on a stake sale in Dallas, Texas-based Leeward.

Two of the sources noted that Canada-based Brookfield was looking at the asset, but could not confirm if the infrastructure investor is advancing to the next round of bidding. The stake sale is also seeing interest from European funds and Canadian pension funds, one of the sources said.

Brookfield declined to comment for this story.

OMERS Infrastructure acquired Leeward in March 2018 from ArcLight Capital Partners. At that point Leeward had a portfolio of 1.7 GW of total installed capacity. The firm currently has an operating portfolio of 31 wind, solar and energy storage facilities across the US, with over 30 GW of capacity spanning 130 sites in-development, according to the company’s website.

Leeward is working with law firm Latham & Watkins on the sale, the fourth source familiar said.

This July, the law firm represented the lenders on Leeward’s USD 1.25bn warehouse facility financing, which will fund the construction of six fully contracted wind, solar and battery storage projects, totaling nearly 1 GW of capacity. The firm also advised Leeward during its sale to OMERS in 2018. Latham & Watkins did not respond to requests for comment.

OMERS declined to comment for this story. An email sent to Leeward went unanswered.