International Power buys wind farm

Date: Wednesday 30 Sep 2009
LONDON (ShareCast) - International Power is to buy AIM PowerGen Corporation, one of Canada's largest independent wind farm developers, from Renewable Energy Generation Limited for an enterprise value of C$189m( £109m), with a total cash consideration of C$119m million (£69m). The AIM portfolio is concentrated in Ontario, with 40MW of wind farms in operation and 40MW under construction (the Harrow project) which is on plan for completion in the first half of 2010. Philip Cox, CEO of International Power, said, "This acquisition adds a high-quality wind portfolio of operational and development assets, with an experienced development team, to our North American business. It represents an excellent opportunity for International Power to establish a platform for future growth in the attractive Canadian renewables sector."