Lehman Brothers’ Private Equity arm has acquired a significant equity stake in Canadian renewable energy developer SkyPower Corp.
The investment includes an up-front acquisition payment, commitments to future project financing and other investment opportunities in the renewable energy.
A portion of the up-front payment will be used by the Adler Renewable Energy Foundation which is being formed to help place solar and wind on select schools and needy communities in Canada.
“We are excited to partner with the SkyPower management team in embracing the dynamic growth opportunities available in wind and solar energy,” said Michael Odrich, global head of Private Equity for Lehman Brothers. “This investment is consistent with our Private Equity strategy of backing premier management teams and underscores the Firm’s commitment to renewable energy.”
Since its inception in 2003, SkyPower has focused on developing wind and solar power projects and has focused on a community-based development strategy which aims to include the First Nations of Canada and local municipalities in their renewable energy efforts.
The transaction is expected to close in mid June 2007 – specific terms were not disclosed.
About SkyPower
SkyPower has interests in over 50 wind and solar projects at various stages of development across Canada, representing more than 7,000 MW of potential capacity.
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