What is sPower's merged renewables platform?

The merged renewables platform will bring together sPower’s and AES’ differentiated capabilities in solar, wind and energy storage to accelerate customers’ energy transitions. “sPower has been one of our key infrastructure platforms since our initial investment made in partnership with AES in 2017,” sai Kevin Uebelein, CEO of AIMCo.

What does sPower do?

Salt Lake City-based sPower owns and operates both utility-scale and commercial distributed generation systems across 11 US states. Its portfolio includes 1.3 GW of solar and wind farms in operation or under construction. In its development pipeline, the company has an additional 10-GW-plus capacity. (USD 1.0 = EUR 0.845)

What is sPower & AES merged platform?

The merged platform will combine differentiated capabilities of sPower and AES in solar, wind and energy storage. Credit: Karsten Würth on Unsplash. The AES Corporation and Alberta Investment Management Corporation (AIMCo) have agreed to merge their sPower business with AES’ clean energy business in the US.

What is another name for solar power?

For other uses, see Solar Power. Solar power, also known as solar electricity, is the conversion of energy from sunlight into electricity, either directly using photovoltaics (PV) or indirectly using concentrated solar power. Solar panels use the photovoltaic effect to convert light into an electric current. [ 2 ]

Who owns sPower?

Through a joint venture, the two companies took over sPower from private investment firm Fir Tree Partners, the latter said in a press release on Monday. Each of the two parties will own a stake of slightly below 50% in sPower.

How is solar energy converted to electricity?

Energy from sunlight or other renewable energy is converted to potential energy for storage in devices such as electric batteries or higher-elevation water reservoirs. The stored potential energy is later converted to electricity that is added to the power grid, even when the original energy source is not available.