AES to Absorb Solar Develop sPower to Form 12 GW RE Platform

The AES Corporation has announced an agreement with AIMCo to merge the sPower development platform, a leading independent solar developer in the US

The AES Corporation has announced an agreement with Alberta Investment Management Corporation (AIMCo) to merge the sPower development platform, a leading independent solar developer in the US, with AES’ US-based clean energy development business to accelerate the safe, reliable transition to cleaner energy solutions in the country.

AES’ wholly-owned clean energy development business includes AES Distributed Energy and a wind development team formerly part of Advance Energy. The merged business will represent one of the top renewables growth platforms.

As states, communities and organizations of all types make commitments and plans to reduce their carbon footprints, renewables are on track to be the fastest-growing source of electricity generation in the US in 2020. AES is working with its customers to co-create and deliver smarter, greener energy solutions that meet their needs, including 24/7 carbon-free energy.

“We share our customers’ commitments to a more sustainable energy future. Together, we can create a safe, resilient and carbon-free grid,” said Andrés Gluski, AES President and Chief Executive Officer. “The merger of sPower with AES’ 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.”

The merged renewables platform will bring together sPower’s and AES’ differentiated capabilities in solar, wind and energy storage to accelerate our customers’ energy transitions.

“This platform will bring tremendous value to our customers as they pursue their business objectives and climate commitments,” said Leo Moreno, AES Clean Energy President.  “Our expanded portfolio of innovative solutions based on cutting-edge technologies will enable us to work together with our customers to power their energy transitions while making a carbon-free future possible.”

Future projects developed from the combined 12 gigawatts (GW) development pipeline will be owned 75 percent by AES and 25 percent by AIMCo, leveraging our successful partnership at sPower. Although there is no change in ownership of operating assets and backlog, the newly formed platform will manage the 2.5 GW of operating assets and the existing 2.6 GW contracted backlog. The transaction is expected to close in the next few months upon successful completion of customary closing conditions.