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Deal Closed: U.S. Developer sPower Officially Sold For $1.6 Billion
Source: | Author:tpl-c570642 | Publish time: 2014-10-09 | 2208 Views | Share:

Fir Tree Partners has completed the previously announced sale of Salt Lake City-based FTP Power LLC (sPower) – a renewable energy owner, operator and developer – to a joint venture co-controlled by The AES Corp. and Alberta Investment Management Corp. (AIMCo), on behalf of certain of its clients, for approximately $1.6 billion in cash and assumed non-recourse debt.

Since its formation by Fir Tree in early 2014, sPower has grown from virtually no operating projects to a portfolio of approximately 1.3 GW of solar and wind projects in operation or under construction and a development pipeline of more than 10 GW. The sPower portfolio consists of more than 75 utility-scale solar and wind distributed electrical generation systems operating across 11 states.

“It is extremely rewarding to realize Fir Tree’s vision for sPower with the closing of the transaction between our company and AES and AIMCo,” says Jeffrey Tannenbaum, chairman of the board of sPower and founder of Fir Tree Partners. “We built a highly profitable business that will drive skilled worker job creation, local economic activity, and reduced environmental damage. We achieved this in spite of many obstacles that appear when a new industry challenges the status quo. It is our clear hope that sPower, led by its highly talented team, serves as a major catalyst for the acceleration of AES’ portfolio to renewable energy, and that its positive impact continues far into the future.”