On October 22, 2009, International Power successfully completed the acquisition of AIM PowerGen Corporation (AIM), one of Canada's largest independent wind farm developers, from Renewable Energy Generation Limited for an enterprise value of $241 million with a total cash consideration of $119 million.
The AIM portfolio is concentrated in Ontario, with 40MW of wind farms in operation. In addition, AIM's 40MW Harrow project, in respect of which non-recourse debt financing was recently completed, has already commenced construction and is on plan for completion and commencement of commercial operation in the first half of 2010. AIM also has an advanced development pipeline of 1,200MW in Ontario and across Canada.
International Power was represented in-house by David Musselman and Aaron Bullwinkel, who were assisted by a team from the Toronto and London offices of Fasken Martineau which was led by Peter Ascherl and included, among others, Kevin Clinton, David Smith and Peter Armstrong (corporate); Paul King and Dugan Edmison (real estate); Rosalind Cooper and Charles Kazaz (environmental); Jon Holmstrom (banking); Mitchell Thaw (tax); Huy Do (competition); and Alix Herber (labour and employment).