CohnReznick Capital Markets Securities announces the successful sale of FTP Power LLC (sPower), which it said is the largest independent utility scale solar owner, operator and developer in the United States, to the AES Corporation (AES) and Alberta Investment Management Corporation (AIMCo). AES and AIMCo will each own approximately 50% equity interest in sPower.
“With the help of Fir Tree, we have experienced incredible growth over the last three years,” said Ryan Creamer, CEO of sPower. “We are excited to become part of the AES/AIMCo partnership and we are confident that it positions us to continue to grow, develop and maximize the platform that we have created. On behalf of the entire sPower team, I want to thank Fir Tree for its support and vision that have been so critical to our success. I also want to thank Barclays, CohnReznick Capital Markets Securities, Marathon Capital and Citi for their guidance and efforts.”
Barclays served as the lead financial advisor and global coordinator to sPower for the transaction. CohnReznick Capital Markets Securities, Marathon Capital, and Citi also served as co-advisors to sPower.
sPower, a Fir Tree portfolio company that the firm capitalized in 2014, owns and operates more than 150 utility and commercial distributed electrical generation systems across the United States. The sPower portfolio includes nearly 1.3 GW of solar and wind projects in operation or under construction and a development pipeline of more than 10 GW located in the United States.
“We are happy to have helped facilitate sPower’s advancement to the next level of its growth and remain dedicated to its continued evolution,” stated Conor McKenna, Managing Director, CohnReznick Capital Markets Securities. “It was a comprehensive process with a fantastic result for the company.”
The transaction is expected to close by the third quarter of 2017, subject to review or approval by the Federal Energy Regulatory Commission, the U.S. Department of Justice and the Committee on Foreign Investment in the United States.
News item from CohnReznick