Through their joint venture sPower, AES Corp. and the Alberta Investment Management Corp. are seeking approval from the Federal Energy Regulatory Commission to acquire an upstream ownership interest in a 40-MW Idaho solar project.
Under the proposed transaction, an sPower entity would acquire a 99% interest in, and become the managing member of, a fund which is the indirect holder of a 51% ownership interest in the ID Solar Project, located in Ada County, Idaho. The 99% interest in the fund is indirectly managed by York Capital Management Global Advisors LLC.
Through the fund, the sPower entity will acquire a 51% ownership of the facility. The project reached commercial operation in 2016, according to a May 30 filing.
Upon closing of the deal, a subsidiary of Cypress Creek Holdings, LLC, which holds 1% of the fund, will retain its ownership interest but cease to be the managing member.
FTP Power LLC does business as sPower.
The commission has been requested to approve the transaction by July 3. (FERC docket EC18-96)
