The Ontario Teachers’ Pension Plan has a new partner involved in Northern Star Generation(NSG), an unregulated electric generation holding company.

UBS’s Infrastructure Asset Management(IAM)business has agreed to acquire a 50% stake in the firm from AIG Highstar Generation for an undisclosed sum.

“We are excited about acquiring this 50% interest in Northern Star, as it represents a company with a strong management team focused on developing a platform of assets that comprise stable, long-term cash flows principally with investment grade rated counterparties,” says Steve Jacobs, global head of IAM at UBS.

The deal is expected to close in the third quarter of this year.

Northern Star was formed in 2004 by Highstar and Teachers’ to own and operate a portfolio of power plants. It has ownership interests in 13 electric generation facilities in California, Colorado, Florida, Georgia, Nevada, and Pennsylvania.

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