A fund managed by global investment firm StepStone Group LP is acquiring an ownership interest in sPower.

Legally known as FTP Power LLC, sPower is a joint venture co-owned by AES Corp. and Alberta Investment Management Corp., or AIMCo.

In a separate, related transaction, the Federal Energy Regulatory Commission on Dec. 28 approved AES and AIMCo to divest an approximately 24% interest in sPower's portfolio to insurance and financial services provider ULLICO Inc. (FERC docket EC19-23)

Upon closing of the transactions proposed by Ullico and Stepstone, sPower will be owned 51% by AES and AIMCo, while 49% will be owned by an entity identified as "Blocker LLC," according to a Dec. 21 application with FERC. Blocker LLC will be 49% owned by Ullico, 49% by StepStone, 1% by AES and 1% by AIMCo.

Immediately following the Ullico transaction but before closing the StepStone transaction, Blocker LLC will issue a distribution in the form of notes of $85.8 million to Ullico, $44.6 million to AES and $44.6 million to AIMCo.

Direct ownership and control of the sPower portfolio will not be affected by the proposed transaction, according to the filing. (FERC docket EC19-40)