in News Departments > Projects & Contracts
print the content item

International Power PLC, an electricity generating company based in London, plans to acquire Canada-based wind farm developer AIM PowerGen Corp. from Renewable Energy Generation Ltd. for an enterprise value of C$189 million, with a total cash consideration of C$119 million.

The AIM portfolio is concentrated in Ontario, with 40 MW of wind farms in operation and 40 MW under construction. The construction cost of this 40 MW project is expected to be an additional C$52 million, which will be funded from a credit-approved project finance facility.
In addition, AIM has an advanced development pipeline of 1,200 MW in Ontario and elsewhere in Canada.

"This acquisition adds a high-quality wind portfolio of operational and development assets, with an experienced development team, to our North American business," says Philip Cox, CEO of International Power.

The cash consideration will be funded from existing cash resources of International Power. The acquisition is expected to be completed by the end of the year and is subject to the approval of the shareholders of Renewable Energy Generation Ltd.

SOURCE: International Power PLC


Advertisement

Trachte_id2056
Latest Top Stories

Slow Turning: What's Stopping Individual Blade Pitch Control From Wider Acceptance?

Advances have made it feasible for wind turbine blades to adjust individually. However, other factors are preventing the technology's widespread use.


Deepwater Hits Financial Close For Block Island Wind Farm, Expects Summer Construction

The Providence, R.I.-based offshore wind developer becomes the first to financially close on a U.S.-based offshore wind project.


More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.

Hybrid Energy Innovations 2015