AIM PowerGen Acquired by REG
NAW Staff, Tuesday 01 August 2006 - 01:00:00
Renewable Energy Generation Limited (REG), a U.K.-based corporation with wind projects in Poland and the U.K., recently announced its acquisition of AIM PowerGen Corp., a Canadian wind developer. The strategic acquisition will give AIM access to capital markets that are critical to take advantage of opportunities in the fast growing Canadian wind energy marketplace, the companies say.
"AIM is one of the most successful wind developers in Canada and we are thrilled that they have accepted REG's offer to work with us to develop our international business," says REG Chairman Mike Liston. "With the experienced development team at AIM combined with the support of the REG team in both the U.K. and Canada, we expect to be at the forefront as Canada develops its huge wind resources."
AIM is a private Canadian windfarm developer, founded in 2001 and based in Toronto, Ontario. The company already has over 2,600 MW of Canadian wind projects in various stages of development in the provinces of Ontario, Manitoba, Saskatchewan, Alberta, Newfoundland, Labrador and Prince Edward Island.
Under the terms of the agreement, REG will acquire AIM for C$29.1million. AIM will continue to operate under its current name in Canada and AIM's senior management team, including its President and CEO, Mike Crawley, will continue in their current roles.
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