PSP Investments buys half of Enercare for $1.6 billion

PSP Investments, one of Canada’s largest pension investors, said on November 9, 2026 it will pay Brookfield and its institutional partners $1.6 billion for 50% of Enercare. Enercare, based in Markham, Ontario, supplies water heaters, water purification systems and protection plans to more than 1.4 million Canadian homes and businesses. PSP is not new to the company: it co-invested with Brookfield in Enercare’s 2018 privatization.

Andrew Alley of PSP said the stake will rank among its most significant direct infrastructure investments in Canada. PSP will hold the stake in its High Inflation Correlated Infrastructure (HICI) portfolio. PSP’s infrastructure portfolio, with $32.0 billion in net assets at March 31, 2026, returned 12.7% over ten years.

The Competition Bureau’s information suggested that in 2018 Enercare had about 80% of the rental gas-powered water heater market in Enbridge Gas territory in Ontario. But the Commissioner of Competition discontinued an inquiry into possible abuse of a dominant position in September 2019. The deal should close in the first half of 2027, after regulatory approvals.

Sources: PSP Investments · Competition Bureau Canada