AES and AIMCo Agree to acquire sPower

US-based AES Corporation and Canada-based Alberta Investment Management Corporation (AIMCo) on behalf of some of its clients have agreed to acquire utility-scale solar developer FTP Power LLC (sPower) from Fir Tree Partners and its minority owner. sPower will be acquired at  $853 million in cash and a debt assumption of $724 million. AES and AIMCo will each own slightly below 50 per cent equity interest in the company. sPower owns and operates utility and distributed electrical generation systems across the US and its portfolio includes 1,274 MW of solar and wind projects in operation or under construction, and a pipeline of more than 10,000 MW. The transaction is expected to close by the third quarter of 2017, subject to approvals.

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