sPower, an owner and operator of U.S. solar and wind, recently celebrated the one-year anniversary of its acquisition by The AES Corp. and Alberta Investment Management Corp. (AIMCo).
Since the closing one year ago, sPower is touting the following accomplishments:
- Closed two investment-grade green bonds via the private placement market for portfolio refinancings of its operating solar and wind assets, valued at approximately $420 million and $500 million, respectively;
- Signed new power purchase agreements (PPAs) for over 1,380 MW of new solar and wind projects, including previously announced contracts with Basin Electric for a 220 MW wind farm in South Dakota, Microsoft for a 410 MW solar project in Virginia and CleanPowerSF for a 130 MW solar project in California;
- Brought its operating portfolio up to 1,350 MW of wind and solar assets, with sPower Services providing full O&M services on 1,030 MW; and
- Significantly expanded its presence in the wind space, reaching 551 MW of contracted wind assets.
“AES and AIMCo have given us incredible support over the last year, and the future of sPower is bright with their backing,” says sPower’s CEO, Ryan Creamer. “Not only have we significantly expanded the portfolio, but we expect it to continue to grow in the coming months as we work to convert our current 2,100 MW of shortlists into contracted assets.”
“We are very pleased with sPower’s operational and development performance, which has exceeded our expectations,” adds Tom O’Flynn, AES’ executive vice president and chief financial officer. “In fact, sPower’s signed PPAs year-to-date will be a key contributor to AES’ growth through 2020 and beyond.”
