SkyPower Corp. News
SkyPower sells equity stake to Lehman Brothers Private Equity
NEW YORK &
The investment includes an up-front acquisition payment, commitments to future project financing as well as other investment opportunities in the renewable energy sector.
A portion of the up-front payment will be used by the Adler Renewable Energy Foundation (AREF) a foundation which is being formed to help provide select schools and needy communities in
The current SkyPower management team, led by its Founder and Chief Executive Officer,
"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."
Stated
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
The vast experience of the team which come from industry sectors such as energy, telecom, real estate, BPO (business process outsourcing), banking and engineering has provided SkyPower with the talent and tools that will ensure its continued penetration and success in the renewable energy industry.
SkyPower was advised on the transaction by Marathon Capital headquartered in Bannockburn, Illinois, and Genuity Capital Markets based out of
About SkyPower
SkyPower is a Canadian leading independent renewable energy developer with interests in over 50 wind and solar projects at various stages of development across
About Lehman Brothers
Lehman Brothers' Private Equity business, started in 1984, consists of 16 different fund strategies across six asset classes: merchant banking, venture capital, real estate, fund-of-funds, credit and infrastructure.
Lehman Brothers' Investment Management Division (IMD) encompasses three global businesses: Private Equity, which provides investment opportunities in privately negotiated transactions across a variety of asset classes for institutional and qualified individual investors; Private Investment Management, which offers comprehensive investment, wealth advisory and capital markets execution services for high net worth individuals and businesses, leveraging all of the resources of the Firm; and the Asset Management business, which offers proprietary asset management products across traditional and alternative asset classes, through a variety of distribution channels to individuals and institutions. IMD Assets under Management totalled
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high-net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management, and private equity. The firm is headquartered in New York, with regional headquarters in
About Marathon Capital
Established in 1999, Marathon Capital, LLC is an investment banking firm focused on the global energy and infrastructure markets and this represents its fourth transaction involving a major renewable energy development company and a global strategic in the last nine months. Marathon is currently working on several similar assignments. Marathon is headquartered in Bannockburn, Illinois and its web site is www.marathon-cap.com.
About Genuity Capital Markets
Genuity Capital Markets is an independent investment dealer that provides comprehensive research, trading, sales, underwriting and M&A services from its offices in Canada's four major financial centres as well as New York and
SOURCE SkyPower Corp.
