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sPower Acquired For $1.6 Billion

Salt Lake City-based utility-scale solar developer sPower has been acquired for $1.6 billion, by The AES Corporation and Alberta Investment Management Corporation (AIMCo), after the successful completion of the earlier announced acquisition deal. sPower was owned by private equity investor Fir Tree Partners. The companies had announced the deal in February. AES and AIMCo paid $853 million in cash, plus the assumption of $724 million in non-recourse debt in the deal.