The Federal Energy Regulatory Commission authorized AES Corp. and Alberta Investment Management Corp. to divest some of their interest in their sPower joint venture.
Each of the companies will sell an approximately 24% interest in the 1.3-GW renewable operating portfolio to the insurance and financial service provider ULLICO Inc. for undisclosed terms. The projects are in the California Independent System Operator Corp. and New York ISO markets.
At deal close, AES ownership in the sPower's operating portfolio will drop to 38% from 50%. AES plans to invest the sale proceeds in sPower's 10-GW development pipeline to yield higher returns.
SPower is legally known as FTP Power LLC. (FERC docket EC19-23)