Marathon Capital Announces the Sale of sPower to AES Corporation and Alberta Investment Management Corporation
Marathon Capital is pleased to announce the successful sale of FTP Power LLC ("sPower"), the largest independent utility scale solar owner, operator and developer in the United States, to AES Corporation and Alberta Investment Management Corporation ("AIMCo"). AES and AIMCo will each own slightly below 50% equity interests in sPower.
Barclays served as the lead financial advisor and global coordinator to sPower for the transaction. Marathon Capital, CohnReznick Capital Markets Securities 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.
Ryan Creamer, Chief Executive Officer of sPower, said, "With the help of Fir Tree, we have experienced incredible growth over the last three years. 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, Marathon Capital, CohnReznick Capital Markets and Citi for their guidance and efforts."
This transaction is expected to close by the third quarter of 2017, subject to review or approval by the Federal Energy Regulatory Commission, the Committee on Foreign Investment in the United States and the expiration or termination of any waiting period under the Hart-Scott-Rodino Act.
Headquartered in Salt Lake City, with offices in San Francisco, Long Beach and New York City, sPower is the largest private owner of operating solar assets in the United States. sPower owns and operates utility and commercial distributed electrical generation systems across the U.S. producing in excess of 1.1 GW of power. Additionally, sPower has an in-construction and development pipeline in excess of 10 GW. For more information on sPower, please visit www.spower.com.
About Fir Tree Partners
Fir Tree, founded in 1994, is a private investment firm with approximately $10 billion of capital under management. The firm invests worldwide in public and private companies, real estate, and debt. Fir Tree manages assets on behalf of leading endowments, foundations, pension funds, and sovereign wealth funds. The firm maintains offices in New York and Miami.
About Marathon Capital
Marathon Capital is a leading financial advisory and investment banking firm focused on providing financial advice in the areas of M&A, capital raising of debt and equity, project finance, tax equity, financial restructuring, recapitalization, bankruptcy and workout situations in the energy sector. Marathon Capital is a three-time recipient of the "Best Renewable Asset M&A Advisor" Award, as well as the "Renewable Generating Project Finance Deal of the Year" Award (2016) in Power Finance & Risk's Annual Power Finance Deals and Firms Awards. www.marathon-cap.com.