Status: Clearance
Acquirer: AES Corp. (US) and Alberta Investment Management Corp. (Canada)
Acquired: FTP Power LLC (US)
Value: US$853 Million
Industry: Energy
UPDATE: On July 25, 2017, AES and Alberta Investment Management announced that they had completed “the previously announced acquisition of FTP Power LLC d/b/a sPower (‘sPower’) for approximately $853 million in cash, subject to adjustment, plus the assumption of $724 million in sPower’s non-recourse debt, pursuant to a merger agreement, dated February 19, 2017 . . .” (AES Form 8-K, Jul. 25, 2017, SEC Filing.) Following the completion of the acquisition, AES and Alberta Investment Management
Company “each independently own slightly below 50% equity interests of sPower.” (Id.) CFIUS clearance was a condition to closing the deal. (See AES Form 8-K, Feb. 24, 2017, SEC Filing.)
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.)
