AES absorbs sPower, forms 12 GW renewables platform

sPower has announced an agreement by the its owners, AES Corporation and Alberta Investment Management Corporation (AIMCo), to merge with AES’ US-based clean energy development business to create a platform with a combined 12 GW renewables development pipeline. The merged sPower and AES clean energy business will work with its customers to co-create and deliver the smarter, greener energy solutions that meet their needs, including 24/7 carbon-free energy.

Future projects developed from the combined 12 gigawatts (GW) development pipeline will be owned 75% by AES and 25% by AIMCo. 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.