HomeNovember 17, 2020
AES Merges U.S. Clean Energy Development Business With Investment Manager's Solar Developer
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The AES Corporation announced an agreement with Alberta Investment Management Corporation (AIMCo) to merge the sPower development platform, an independent solar developer in the US, with AES' US-based clean energy development business.
AES's 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 gigawatts (GW) development pipeline will be owned 75% by AES and 25% 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.
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