sPower set to change hands
AES Corp and AIMCo to buy US developer from Fir Tree Partners
Fir Tree Partners is to sell US renewables outfit sPower to AES Corp and Alberta Investment Management Corp for $853m in cash and the assumption of $724m in non-recourse debt.
The sPower portfolio includes nearly 1.3GW of solar and wind projects in operation or under construction and a development pipeline of more than 10GW in the US.
The deal is subject to regulatory approval and is expected to close by the third quarter of 2017.
Barclays served as the lead financial advisor and global coordinator to sPower, with Marathon Capital, CohnReznick Capital Markets Securities and Citi serving as co-advisors.
sPower chief executive Ryan Creamer said: “We are excited to become part of the AES/AIMCo partnership and we are confident that it positions us to continue to grow, develop and maximize the platform that we have created.”