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Friday, Jul 1, 2022

CIM Group to Form Solar Energy Company

Los Angeles investment firm CIM Group said that it purchased the solar energy technology assets of SkyPower Corp. of Canada for an undisclosed amount.

CIM said it plans to make the assets the centerpiece of a new solar energy company called SkyPower Limited. Kerry Adler has been appointed SkyPower’s chief executive to oversee development and management of both utility-scale and micro-generation power programs.

SkyPower Limited has a 50 percent stake in the 9.1 megawatt First Light energy park, the first operational utility-scale solar energy project in Canada. It also has a pipeline of 50 projects with the potential of providing more than 500 megawatts of solar power generating capacity.

“The opportunity to purchase this portfolio fits the longstanding goals for our infrastructure platform, namely to make investments that support the sustainability of urban communities,” Jennifer Gandin, CIM Group first vice president, said in a statement late Monday. “We are excited to acquire an existing solar energy platform, including an extensive set of promising projects.”

The acquisition, which closed Friday, was made through CIM’s Infrastructure Fund, which partners with public agencies and makes investments to develop and operate clean renewable resource projects.

SkyPower Corp., based in Toronto, will continue to develop its wind power program.

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