Salt Lake City-based FTP Power LLC sells for $1.6 Billion

Fir Tree Partners has completed the previously announced sale of Salt Lake City-based FTP Power LLC (sPower) – a renewable energy owner, operator and developer – to a joint venture co-controlled by The AES Corp. and Alberta Investment Management Corp. (AIMCo), on behalf of certain of its clients, for approximately $1.6 billion in cash and assumed non-recourse debt.

Since its formation by Fir Tree in early 2014, sPower has grown from virtually no operating projects to a portfolio of approximately 1.3 GW of solar and wind projects in operation or under construction and a development pipeline of more than 10 GW. The sPower portfolio consists of more than 75 utility-scale solar and wind distributed electrical generation systems operating across 11 states.