Forum Asset Management Acquires Subterra Renewables, Expanding its Position in Sustainable Infrastructure

TORONTO, ON / ACCESS Newswire / April 30, 2026 / Forum Asset Management ("Forum") is pleased to announce the acquisition of Subterra Renewables ("Subterra"), a leading developer and manager of geo-exchange heating and cooling (geothermal) systems for real estate developers and owners in North America.

Subterra's platform owns and operates a growing portfolio of geothermal systems serving thousands of residential units across Ontario. Subterra delivers heating and cooling infrastructure under its energy-as-a-service utility model, providing building owners with a reliable, no-capital, low-carbon alternative to conventional systems.

Through this transaction, Forum has acquired Subterra's assets, operations and employees. The transaction creates a fully integrated business under Forum's ownership, consolidating management, technical expertise and operating infrastructure into a single platform better positioned to service its growing customer base and scale across new and existing markets. The business will continue operating under the Subterra Renewables brand.

"The case for geothermal has been clear to us for years - lower lifecycle costs, meaningful decarbonization, and real protection against energy price volatility," said Rob Kaplan, Partner, Private Equity at Forum Asset Management. "This is a major step towards making low-carbon solutions more accessible and available to users across the country. We are excited to continue working with the Subterra team to expand the platform."

This acquisition reinforces Forum's continued strategic commitment to scalable, innovative sustainable infrastructure solutions. Across its real estate business, Forum has integrated geothermal systems in several of its purpose-built properties, including in Toronto and Ottawa.

The transaction expands Forum's sustainable infrastructure portfolio, building on its investments in rooftop solar, energy solutions and water savings businesses for residential and commercial real estate customers across Canada.

About Forum Asset Management

Forum is an investor, developer and asset manager operating across North America for over 30 years, focusing on real estate, private equity and infrastructure, with a strategic concentration in housing. We are committed to creating value that benefits our stakeholders and the communities in which we invest, what we call our Extraordinary Outcomes™.

About Subterra

Subterra is a leading developer and operator of geothermal heating and cooling systems for real estate owners and developers. The company provides sustainable energy solutions that help buildings reduce emissions, improve energy efficiency and protect against rising energy costs. Subterra has operated in partnership with Forum Asset Management since 2019, building a portfolio of geothermal systems across Ontario under the Forum Subterra Limited Partnership.

Through its energy-as-a-service utility model, Subterra offers a practical and scalable approach to delivering low-carbon heating and cooling infrastructure across North America. Subterra was recognized as #1 in The Globe and Mail's 2023 Report on Business ranking of Canada's Top Growing Companies.

Learn more: https://subterrarenewables.com/

For more information, please contact:

Lorraine Cardenas, Senior Executive Assistant & Corporate Services

647-618-6981

[email protected]

Subterra Renewables

[email protected]

SOURCE: Forum Asset Management

View the original press release on ACCESS Newswire