Ontario Teachers’ Pension Plan, a global investor with net assets of $242.5 billion, has acquired a minority stake in Sweetwater Royalties, a base metals and industrial minerals royalty company, from Orion Resource Partners.
Since Orion established Sweetwater in 2020, the company has made several expansions and developments. Specifically, Sweetwater signed a lease and royalty agreement with WE Soda for the development of a greenfield soda ash mine and is currently developing a renewables business through the leasing of lands in exchange for wind and solar royalties. The company is also pursuing non-operating partnerships with third-party operating partners regarding battery metal projects. Ontario Teachers’ has acquired a 25 percent equity stake in Sweetwater for a cash consideration of $221.6 million.
“We are excited to partner with Orion in the ownership of Sweetwater and work together to support the growth of the business,” comments Christopher Metrakos, senior managing director, natural resources at Ontario Teachers’. “Sweetwater has a unique mineral acreage position across the largest natural trona deposit globally and significant growth optionality across its asset base.”