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The sale agreement was first made back in February. Credit: sPower

The sale agreement was first made back in February. Credit: sPower

The US$1.6 billion sale of major US utility-scale solar developer and operator FTP Power LLC (sPower) to AES Corporation and Canada-based investment manager Alberta Investment Management Corporation (AIMCo) has been completed.

Private investment firm Fir Tree Partners agreed to sell sPower to the AES and AIMCo joint venture back in February this year.

Jeffrey Tannenbaum, chairman of the board of sPower and founder of Fir Tree Partners, said: “It is our clear hope that sPower, led by its highly-talented team, serves as a major catalyst for the acceleration of AES' portfolio to renewable energy, and that its positive impact continues far into the future."

sPower, headquartered in Salt Lake City, has 1.3GW of operational projects and a development portfolio of more than 10GW, with 75 utility-scale solar plants and distributed wind projects across 11 states. The company's utility-scale projects are mostly based in California and North Carolina. In the last 12 months, sPower's construction projects have also employed more than 2,500 people.

At the beginning of July, AES Corporation’s storage subsidiary partnered with Siemens to create Fluence, a new energy storage company aimed at 160 countries.

Tags: spower, acquisitions, mergers and acquisitions, aes corporation, aimco, fir tree, ssfusa