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The City of Toronto and the Ontario Municipal Employees Retirement System have put Enwave Energy Corp. up for auction, the Toronto-based utility said Wednesday.

The company said it will create a special committee and hire a financial adviser to help the process.

Toronto city council, which is struggling to cut costs in the face of a projected budget shortfall next year, authorized the city to sell its interest in Enwave last week.

Both the city and OMERS have waived their right of first refusal.

In Toronto, Enwave provides environmentally friendly heating and cooling to downtown office buildings and uses its Deep Lake Water Cooling system.

The company also manages a system that supplies hot and chilled water to the city's utilities commission in Windsor, Ont., and the Windsor Casino.

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