27 Feb '17, 8am

AES and AIMCo to acquire solar project developer sPower from Fir Tree Partners

AES Corporation (AES; Arlington, Virginia) and Alberta Investment Management Corporation (AIMCo, Edmonton, Alberta, Canada), on behalf of certain of its clients, have agreed to acquire renewable energy provider FTP Power LLC (sPower, Salt Lake City, Utah, U.S.), from New York based private investment firm Fir Tree Partners and its minority owners, for USD 853 million in cash, plus the assumption of USD 724 million in non-recourse debt. In connection with the transaction, AES and AIMCo will each directly and independently purchase and own slightly below 50% equity interests in sPower. sPower, a Fir Tree portfolio company that the firm capitalized in 2014, owns and operates utility and commercial distributed electrical generation systems across the United States. The sPower portfolio includes 1,274 MW of solar and wind projects in operation or under construction and a develo...

Full article: http://www.solarserver.com/solar-magazine/solar-news/curr...

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