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United States

Lehman Brothers buys into Skypower

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Lehman Brothers, a New York financial services giant, is "embracing the dynamic growth opportunities available in wind and solar energy," says Michael Odrich, head of private equity, by acquiring a 50% equity stake in SkyPower Corporation of Toronto, Canada. Odrich says the transaction, the details of which were not released, underscores the firm's commitment to renewable energy. SkyPower has interests in more that 50 wind and solar projects at various stages of development across Canada representing more than 7000 MW of potential capacity, but has yet to install any capacity. In late 2005, it raised more than C$77 million through the SkyPower Wind Energy Fund LP for investment in a Quebec wind project, but has struggled since to complete permitting. But last month it announced it had received the necessary approvals to proceed with the 33 MW first phase of the 171 MW project. SkyPower and its joint venture partner SunEdison Canada LLC have also been awarded standard offer contracts for two solar parks in Ontario with a combined capacity of 19.12 MW. "This transaction with Lehman Brothers provides us a unique solid platform whereby we can accelerate the growth of our business," says SkyPower CEO Kerry Adler.

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