Companies agree to merge a leading independent power developer, sPower, with AES’ U.S. clean energy business
Alberta Investment Management Corporation (AIMCo) is pleased to announce an agreement with the AES Corporation to merge the sPower development platform, a leading independent solar developer in the U.S., with AES’ U.S.-based clean energy development business to accelerate the safe, reliable transition to cleaner energy solutions. The merged business will represent one of the top renewables growth platforms by bringing together sPower’s and AES’ differentiated capabilities in solar, wind and energy storage.
“sPower has been one of our key infrastructure platforms since our initial investment made in partnership with AES in 2017,” stated Kevin Uebelein, Chief Executive Officer of AIMCo. “Our experience working with AES has shown that they are a world leader in delivering on customers’ sustainable energy needs, and the formation of this new renewables platform in the U.S. will take that capability to an even higher level. On behalf of our clients and consistent with our investment mandate, we are excited about the value the next phase of our partnership will bring to our many stakeholders.”
As states, communities and organizations of all types make commitments and plans to reduce their carbon footprints, renewables are on track to be the fastest-growing source of electricity generation in the U.S. in 2020. AES is working with its customers to co-create and deliver the smarter, greener energy solutions that meet their needs, including 24/7 carbon-free energy.
"We share our customers’ commitments to a more sustainable energy future. Together, we can create a safe, resilient and carbon-free grid," said Andrés Gluski, AES President and Chief Executive Officer. "The merger of sPower with AES’ clean energy business will benefit customers by providing access to a broader portfolio of product offerings as well as an expanded highly skilled and experienced team to drive innovation at scale."
Future projects developed from the combined 12 gigawatts (GW) development pipeline will be owned 75% by AES and 25% by AIMCo, leveraging our successful partnership at sPower. 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.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.
About sPower
Headquartered in Salt Lake City, Utah, sPower is a leading independent power producer (IPP) that owns and operates a wind, solar, and storage portfolio. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), a Fortune 500 global power company, and the Alberta Investment Management Corporation (AIMCo), one of Canada’s largest and most diversified institutional investment managers.