February 24, 2017 / 2:04 PM / 2 years ago

AES and AIMCo to buy solar developer FTP Power for $853 million

(Reuters) - U.S. power utility company AES Corp (AES.N) said on Friday it would buy a privately held company that builds utility-scale solar projects, along with Canada’s investment fund manager Alberta Investment Management Corp, for $853 million in cash.

The deal to buy FTP Power LLC, popularly known as sPower, from hedge fund Fir Tree Partners also includes $724 million in debt.

The deal is expected to increase AES’s stake in renewable energy projects under construction by 15.4 percent to 9,552 megawatts (MW).

sPower’s portfolio includes 1,274 MW of solar and wind projects in operation or under construction, with more than 10,000 MW being developed.

Reporting by Muvija M in Bengaluru; Edited by Martina D'Couto

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