London-based International Power has acquired AIM PowerGen Corporation (AIM), a Canada-based wind farm developer, from Renewable Energy Generation for up to C$189 million (£109 million). 

London-based International Power has acquired AIM PowerGen Corporation (AIM), a Canada-based wind farm developer, from Renewable Energy Generation for up to C$189 million (£109 million).

The AIM portfolio of wind farms is concentrated in Ontario and the company has a £30 million wind farm project under construction. AIM benefits from Canada’s supportive regulatory environment for renewable energy.

Philip Cox, CEO of International Power, said: ‘[The deal] represents an excellent opportunity for International Power to establish a platform for future growth in the attractive Canadian renewables sector. The Green Energy Act and feed-in tariff programme recently enacted by the government of Ontario provides a good basis for long-term investment in Ontario and was a key driver of our interest in AIM.’

International Power reported an increase in net profits of 30 per cent to £759 million in 2008.