On October 21, 2009, International Power plc announced the successful completion of 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 40 MW of operating wind energy capacity. AIM's 40 MW Harrow Wind Farm project is under construction and AIM also has an advanced development pipeline of 1,200 MW 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 DuMoulin LLP that was led by Peter Ascherl and included, among others, Kevin Clinton, David Smith, Peter Armstrong and Amira Abouali (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).
Torys LLP acted for Renewable Energy Generation Limited on the sale of AIM to International Power with a team that included Valerie Helbronner, Krista Hill, Allen Yi and Charmaine Craig (M&A); Corrado Cardarelli, Richard Johnson and Gregg Larson (tax); Dennis Mahony and Tyson Dyck (environmental); Jonathan Myers (regulatory); Amanda Balasubramanian, Jonathan Wiener and Vanessa Kee (financing) and David Steele (trusts).
Hammonds LLP acted as UK counsel for Renewable Energy Generation Limited with a team that included Trevor Ingle and Chris Watkinson.