Marathon Capital Announces the Sale of sPower to AES Corporation and Alberta Investment Management Corporation
Marathon Capital is pleased to announce the successful sale of FTP Power LLC (“sPower”), the largest independent utility scale solar owner, operator and developer in the United States, to AES Corporation and Alberta Investment Management Corporation (“AIMCo”). AES and AIMCo will each own slightly below 50% equity interests in sPower.
Barclays served as the lead financial advisor and global coordinator to sPower for the transaction. Marathon Capital, CohnReznick Capital Markets Securities and Citi also served as co-advisors to sPower.
sPower, a Fir Tree portfolio company that the firm capitalized in 2014, owns and operates more than 150 utility and commercial distributed electrical generation systems across the United States. The sPower portfolio includes nearly 1.3 GW of solar and wind projects in operation or under construction and a development pipeline of more than 10 GW located in the United States.
Ryan Creamer, Chief Executive Officer of sPower, said, “With the help of Fir Tree, we have experienced incredible growth over the last three years. 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. On behalf of the entire sPower team, I want to thank Fir Tree for its support and vision that have been so critical to our success. I also want to thank Barclays, Marathon Capital, CohnReznick Capital Markets and Citi for their guidance and efforts.”
This transaction is expected to close by the third quarter of 2017, subject to review or approval by the Federal Energy Regulatory Commission, the Committee on Foreign Investment in the United States and the expiration or termination of any waiting period under the Hart-Scott-Rodino Act.
Source:prnewswire
