iStatus: Upcoming/New Filing
Acquirer: AES Corp. (U.S.) and Alberta Investment Management Corp. (Canada)
Acquired: FTP Power LLC (U.S.)
Value: US$853 Million
Industry: Energy
On February 24, 2017, AES Corporation, a Virginia based sustainable energy company, and Alberta Investment Management Corporation (“AIMCo”), a Canadian diversified institutional investment management firm, “have agreed to acquire FTP Power LLC (“sPower”), the largest independent owner, operator and developer of utility scale solar assets in the United States, from Fir Tree Partners and its minority owners, for $853 million in cash, plus the assumption of $724 million in non-recourse debt.” (Joint Press Release, AES and AIMCo Agree to Acquire sPower, the Largest Independent Solar Developer in the United States, from Fir Tree Partners, Feb. 24, 2017.) According to AES’s press release, “AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 pension, endowment and government funds in the Province of Alberta.” (Id.) Fir Tree is a New York based private investment firm. (See Fir Tree Partners website here.) AES and AIMCo will each “directly and independently purchase and own slightly below 50% of sPower.” (AES Form 8-K, Feb. 24, 2017, SEC Filing.) “Closing of the transaction is subject to conditions, including . . . approval of the Committee on Foreign Investment in the United States (CFIUS).” (Id.)
