Investment firm CIM Group closes purchase of renewable company SkyPower

24 November 2009

Real estate fund manager CIM Group has closed its purchase of Canadian renewable energy company SkyPower Corporation’s assets, excluding its wind portfolio.

The new entity, named SkyPower Limited, includes a 50 per cent stake in the 9.1MW First Light energy park, which is expected to generate 11 million KWh of power annually, and a pipeline of 50 additional projects with the potential for more than 500MW of solar power generation capacity.

‘The opportunity to purchase this portfolio fits the longstanding goals for our infrastructure platform, namely to make investments that support the sustainability of urban communities,’ said Jennifer Gandin, first vice president, CIM Group. ‘We are excited to acquire an existing solar energy platform, including an extensive set of promising projects,’ she added.

CIM also announced the appointment of Kerry Adler as president and CEO of SkyPower. Adler will lead a team that will oversee the development and management of both utility-scale and micro-generation power projects, the company said.

Adler said, ‘I was highly attracted to CIM’s long and successful track record of working with communities, governments and other stakeholders as well as its financial resources and development expertise. This transaction demonstrates CIM’s commitment to solar energy, and it will also increase the amount of clean energy available to meet the growing needs of communities across the distribution grids of our customers throughout Canada and potentially in the US.’

CIM executed the transaction through its infrastructure fund, which partners with public agencies and makes other investments to develop and operate renewable resource projects.

Headquartered in Los Angeles, CIM maintains regional offices in the Bay Area and Bethesda, Maryland.

Copyright © 2009 NewNet

Tags: energy efficiency, solar, wind

This story was published on Tuesday, November 24th, 2009 at 11:10 am and is filed under North America, deals, solar, wind. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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