M&As this week: FIMI Opportunity Funds and The AES Corporation

2 March 2017 (Last Updated March 2nd, 2017 18:30)

FIMI Opportunity Funds and Bronicki Investments Ltd. have announced their intention to sell their combined 21% stake in Ormat Technologies, Inc.

FIMI Opportunity Funds and Bronicki Investments have announced intentions to sell their combined 21% stake in Ormat Technologies.

FIMI Opportunity Funds is a private equity firm based in Israel, holding a 14% stake in the target company, whereas Bronicki Investments holds a 7% stake.

Based in the US, Ormat focuses on geothermal and recovered energy generation.

"The AES Corporation and Alberta Investment Management have agreed to acquire FTP Power."

The AES Corporation and Alberta Investment Management have agreed to acquire FTP Power (sPower), a Fir Tree Partners portfolio company that owns and operates 1,274MW of solar and windpower projects and has a further 10,000MW in the development pipeline.

The consideration for the acquisition is $853m, which will be paid to Fir Tree Partners and its minority owners.

All the companies involved in the transaction are based in the US.