New York & Toronto, Ontario [RenewableEnergyAccess.com] SkyPower Corp., a Canadian renewable energy company with a portfolio of wind and solar projects across Canada, announced that Lehman Brothers and its private equity business have acquired a significant equity stake in the company.
The investment includes an up-front acquisition payment, commitments to future project financing as well as other investment opportunities in the renewable energy sector. The current SkyPower management team, led by its Founder and Chief Executive Officer, Kerry Adler, will continue to be responsible for day-to-day operations as well as the strategic direction of the company.
“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 fFirm’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 that aims to include the First Nations of Canada and local municipalities in their renewable energy efforts.