OMERS Completes Refinancing for Its Stake in Exolum
December 15, 2025 – OMERS Infrastructure is pleased to announce the successful close of €770 million in new debt facilities at Borealis Spain Parent B.V., the holding company for OMERS ~25% stake in Exolum.
Exolum is a Spanish-headquartered global energy logistics infrastructure company providing specialised solutions to support the energy transition in which OMERS has been directly invested since 2016. The company owns the transmission pipeline network spanning 4,000km in Spain and operates a 2,000km pipeline network in the UK. Exolum also owns 68 storage terminals with a total capacity of 11+ million cbm and serves over 48 airports worldwide – including Heathrow, Gatwick, Stansted, Madrid, Barcelona, Lisbon, Lima in Peru, and Charles de Gaulle – making it a global leader in aviation fuel infrastructure.
Michael Hill, Executive Vice President and Global Head of OMERS Infrastructure, said: “The scale, pricing, and the engagement of both bank and private placement lenders in this process demonstrate the strong fundamentals and quality of the Exolum investment, as well as the expertise of our team. The offering was oversubscribed, with lenders recognizing the company’s robust growth, effective energy transition diversification strategy, and the strength of its leadership. We extend our appreciation to everyone involved and thank Exolum’s management for their valuable support throughout this process."
This announcement follows the recent close of an inaugural senior unsecured bond issuance totalling C$1.5 billion for OMERS holding in Bruce Power, a company in Ontario in which OMERS has been directly invested since 2003.
OMERS has great infrastructure assets so it doesn't surprise me that this refinancing for its stake in Exolum went well.
They refinance to allow these companies to grow their operations.
It should be noted that back in June, OMERS Infrastructure hired Sara Petrov as its new Managing Director, Debt Capital Markets:
June 2, 2025 – OMERS Infrastructure today announced that it has hired Sara Petrov as its new Managing Director, Debt Capital Markets. Sara will have global responsibility for developing and managing OMERS Infrastructure’s financing partner relationships and supporting the global investments teams in financing activities at the initial acquisition and throughout each portfolio company’s growth and lifecycle. Originally from Toronto, Sara has since moved to New York and will continue to be based there in her new role.
Michael Hill, Executive Vice President & Global Head of OMERS Infrastructure, said: “Our investment teams raise and refinance over $4B of debt across our portfolio companies and for new investments annually. The size and number of our debt facilities, the complexity and breadth of our businesses, and the increasing opportunity we see to create value through optimal capital structuring and differentiated lender relationships has emphasized the importance of this new role at OMERS Infrastructure. Sara has a deep understanding of the debt capital markets, having had over 15 years of experience in the industry and we’re thrilled to welcome her to the team.”
Fair to say Sara and her team hit the ground running
As far as Exolum, it has an interesting history and ownership structure:
The ownership structure of Exolum Corporation, S.A., parent company of the Exolum Group, is regulated by Royal Decree-Act 6/2000 of 23 June, which provides that no natural or legal person may directly or indirectly hold more than 25% of the company’s capital or voting rights. It also provides that the sum of direct or indirect stakes held by shareholders with a refining capacity in Spain shall not exceed 45%.
IMCO took over the assets of Workplace Safety Insurance Board (WSIB), so you have two large Canadian pension funds that own 35% of the shares.
It's a huge company that provides the following services:
- Liquid product logistics: We offer state-of-the-art terminals, close to logistics and transport hubs, for the storage of bulk liquids and gases.
- Sustainable energies: We develop new business areas around decarbonisation, circularity and innovation, aligned with the energy transition.
- Aviation We are a global leader in independent aviation logistics. We want to continue to grow, building and operating infrastructure at airports around the world.
- Additional services: At Exolum we take care of every detail of the product, from its composition to its delivery. Our quality, metrology and additivation services guarantee safety, traceability and regulatory compliance at every stage of the process.
The company operates in 10 countries and its goal is to continue to expand globally, offering innovative and sustainable solutions by building strategic alliances and developing state-of-the-art infrastructures.
In order to do this properly, it needs to refinance its operations and raise debt when it makes sense to tap debt markets.
Again, not surprised the latest offering was oversubscribed, it tells you how much global investors value this company and its operations.
Below, a clip going over Exolum's operations and how it makes the world a better place. Incredible infrastructure asset owned by same of the world's best global investors.
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