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 development
pipeline of more than 10,000 MW located in the United States.
The operating assets and projects under construction
are under long-term Power Purchase Agreements (PPA) with an average
remaining life of 21 years.
After closing, AES’ ownership of renewable energy
projects in operation and under construction will grow from 8,278 MW to
9,552 MW, including hydro, wind, solar and energy storage.
“We are very pleased to acquire sPower, the largest
independent solar developer in the United States,” said Andrés Gluski,
AES President and Chief Executive Officer.
“sPower not only brings 1.3 GW of installed capacity
with an average remaining contract life of more than 20 years, but a
first class management and development team with a pipeline of more than
10 GW of projects,”
The transaction is expected to close by the third quarter of 2017.
source: http://www.solarserver.com
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