International Power PLC (IPR.LN), an independent power generation company, announced Thursday it has successfully completed the acquisition of AIM PowerGen Corporation, an independent Canadian wind farm developer, from Renewable Energy Generation Limited (RWE.LN) for a total cash consideration of C$119 million (GBP69 million).

MAIN FACTS:

-The non-recourse debt financing for the 40MW Harrow project has now been successfully completed, resulting in an enterprise value of C$241 million (GBP139 million).

-The acquisition is expected to be immediately free cash flow positive, and earnings accretive once the Harrow project construction programme completes in 2010.

-The AIM portfolio is concentrated in Ontario, with 40MW of wind farms in operation in addition to the Harrow project, which has already commenced construction and is on plan for completion in the first half of 2010.

-AIM also has an advanced development pipeline of 1,200MW in Ontario and across Canada.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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