S-Power to merge with AES’ US-based clean energy development business
Post date: 20/11/2020 - 08:54
S-Power, a renewable energy Independent Power Producer (IPP), announced an agreement by the company’s owners, the AES Corporation and Alberta Investment Management Corporation (AIMCo), to merge with AES’ US-based clean energy development business. AES’ wholly-owned clean energy development business includes AES Distributed Energy and a wind development team formerly part of Advance Energy.
Future projects developed from the combined 12 GW development pipeline will be owned 75 percent by AES and 25 percent by AIMCo. Although there is no change in ownership of operating assets and backlog, the newly formed platform will manage the 2.5 GW of operating assets and the existing 2.6 GW contracted backlog. The transaction is expected to close in the next few months upon successful completion of customary closing conditions.
Headquartered in Salt Lake City, Utah, sPower owns and operates a wind, solar, and storage portfolio of nearly 2,000 MW. AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than $115 billion of assets under management. AIMCo’s Infrastructure and Renewable Resources group manages a portfolio of nearly $10 billion in infrastructure investments.