Main Street Power, Inc.
Sale of Company and Development Pipeline to:
The AES Corporation (NYSE: AES) of Arlington, VA acquired 100% of the shares of Main Street Power Company, Inc. (Main Street Power) of Boulder, CO. The acquisition brings Main Street Power, a proven developer, owner and operator of distributed solar PV systems, together with AES, a Fortune 200 global energy company with operations in 18 countries and the world’s largest fleet of grid batteries in commercial service, to accelerate the growth of distributed generation solar capacity in key markets.
Marathon Capital acted as exclusive financial advisor to Main Street Power.
Main Street Power provides sustainable long-term distributed solar power solutions to clients by combining Power Purchase Agreements (PPAs) with government and utility incentives. The company maintains a long-standing financing relationship with MS Solar Solutions Corp. (MSSS), a wholly owned subsidiary of Morgan Stanley. Through its more than 200 commercial projects and several residential platform partners across the US, Main Street Power had developed and is operating a clean and affordable solar power generation portfolio with the capacity to supply the equivalent of more than 17,000 homes with electricity, annually.
With this acquisition, AES adds nearly 60 MW of operational distributed generation solar PV projects across the US and an additional 100 MW of projects in development in the US, Caribbean and Latin America to its 35 GW portfolio of operational generation resources and more than 7 GW in construction. On February 25, the company commissioned its first project on the island of St. Thomas in the U.S. Virgin Islands which will provide as much as 5% of the island’s current base load capacity during daylight hours.