SALT LAKE CITY--(BUSINESS WIRE)--sPower, the largest private owner of operating solar assets in the US, recently celebrated the one-year anniversary of its acquisition by The AES Corporation (“AES”) and Alberta Investment Management Corporation (“AIMCo”). The partnership has delivered a powerful combination and accelerated sPower’s growth plan and execution capabilities. Since closing one year ago, sPower has, among other impressive accomplishments:
- Successfully closed two investment grade green bonds via the private placement market for portfolio refinancings of its operating solar and wind assets valued at approximately $420 million and $500 million, respectively. The first of these bonds was awarded “Deal of the Year” by Project Finance International.
- Signed new Power Purchase Agreements (“PPA”) for over 1,380 MW of new solar and wind projects, including previously-announced contracts with Basin Electric for a 220 MW wind farm in South Dakota, Microsoft for a 410 MWdc solar project in Virginia and CleanPowerSF for a 130 MWdc solar project in California.
- Brought the operating portfolio up to 1,350 MW of wind and solar assets with sPower Services providing full O&M Services on 1,030 MW.
- Significantly expanded its presence in the wind space – reaching 551 MW of contracted wind assets.
“AES and AIMCo have given us incredible support over the last year, and the future of sPower is bright with their backing,” said sPower’s CEO, Ryan Creamer. “Not only have we significantly expanded the portfolio, but we expect it to continue to grow in the coming months as we work to convert our current 2,100 MW of shortlists into contracted assets.”
“We are very pleased with sPower’s operational and development performance, which has exceeded our expectations,” said Tom O’Flynn, AES Executive Vice President and Chief Financial Officer. “In fact, sPower’s signed PPAs year-to-date will be a key contributor to AES’ growth through 2020 and beyond.”
About sPower:
sPower, an AES and AIMCo company, is the largest private owner of operating solar assets in the United States. sPower owns and operates a portfolio of solar and wind assets greater than 1.3 GW and has a development pipeline of more than 10 GW. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), a worldwide energy company headquartered in Arlington, Virginia, and the Alberta Investment Management Corporation, one of Canada’s largest and most diversified institutional investment fund managers. For more information, visit www.sPower.com.
