AES to merge US development arm with sPower, creating 12GW US clean energy pipeline

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
sPower's Lancaster plant in California. Image: sPower.

AES Corporation is to merge its US-facing clean energy development business with independent power producer sPower, creating a platform with a 12GW project pipeline in the country.

AES and Alberta Investment Management Corporation (AIMCo), which collaborated to acquire sPower in 2017, said the merger will bring together capabilities in solar, wind and storage to accelerate the transition to cleaner energy solutions across the US. 

Future projects from the combined 12GW 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 new platform will manage the 2.5GW of operating assets and the existing 2.6GW contracted backlog. 

AES's wholly owned clean energy development business includes AES Distributed Energy and a wind development team formerly part of Advance Energy.

“The merger of sPower with AES's clean energy business will benefit customers by providing access to a broader portfolio of product offerings as well as an expanded highly skilled and experienced team to drive innovation at scale,” said Andrés Gluski, AES CEO.

Utah-headquartered sPower owns and operates more than 150 renewable generation systems across the US. This year has seen the company conclude financing for its largest PV project to date, the 620MWdc Spotsylvania Solar Energy Center in Virginia. Wells Fargo agreed to a US$350 million tax equity commitment for the facility in April, with sPower later securing a US$700 million construction/term loan from nine other banks.

sPower has since announced the appointment of Michael Belikoff, a former Cypress Creek Renewables and First Solar executive, to the position of chief operating officer.

Read Next

November 30, 2021
‘Solar Module Super League’ (SMSL) member Canadian Solar has raised US$150 million through a share offering, with proceeds set to help the manufacturer expand its energy storage arm.
November 29, 2021
Commercial and industrial (C&I) solar developer Altus Power will offer distributed renewables and energy storage solutions through a new partnership with energy major Shell.
PV Tech Premium
November 26, 2021
Faced with the threat of curtailment as more renewables enter the grid, utility-scale solar developers are heightening their focus on hybrid PV-storage projects to take advantage of demand for flexibility services and falling battery costs.
November 24, 2021
The US International Trade Commission has recommended that the Section 201 safeguard tariffs on solar cells and modules be extended.
November 24, 2021
Italian utility Enel will invest around €70 billion (US$78 billion) by 2030 to scale up its renewables and energy storage portfolio as it brings forward plans to reach net zero to 2040.
November 22, 2021
Greta Thunberg’s verdict remains unchanged, but is the climate activist too pessimistic on the Glasgow Climate Pact, or is she right to dismiss the agreement?

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

Cyber Monday Flash Sale – 50% off our subscriptions

24 hours only