AES And AIMCo To Form US Renewables Platform

(AES, 17.Nov.2020) — The AES Corporation 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 the smarter, greener energy solutions that meet their needs, including 24/7 carbon-free energy.

“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,” said Andrés Gluski, AES President and Chief Executive Officer.

“sPower has been one of our key infrastructure platforms since our initial investment made in partnership with AES in 2017,” stated Kevin Uebelein, Chief Executive Officer of AIMCo.

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.

“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,” said Leo Moreno, AES Clean Energy President.

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

More information about the available jobs in AES’ clean energy business is available at aesrenewablejobs.com.

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