LOS ANGELES—November 23, 2009—CIM Group announced that on Friday it closed on its purchase of SkyPower Corp.'s assets, excluding SkyPower Corp.'s wind portfolio. The new entity, named SkyPower Limited, includes a 50 percent stake in the 9.1 megawatt First Light energy park-the first operational utility-scale solar energy project in Canada-as well as a pipeline of 50 additional projects representing the potential for more than 500 megawatts of solar power generation nameplate capacity.
"The opportunity to purchase this portfolio fits the longstanding goals for our infrastructure platform-namely to make investments that support the sustainability of urban communities," commented Jennifer Gandin, First Vice President, CIM Group. "We are excited to acquire an existing solar energy platform, including an extensive set of promising projects."
CIM also announced the appointment of Kerry Adler as President & Chief Executive Officer of SkyPower Limited. Mr. Adler will lead a team that will oversee the development and management of both utility-scale and micro-generation power projects.
Mr. Adler said: "I was highly attracted to CIM's long and successful track record of working with communities, governments and other stakeholders as well as its financial resources and development expertise. This transaction demonstrates CIM's commitment to solar energy, and it will also increase the amount of clean energy available to meet the growing needs of communities across the distribution grids of our customers throughout Canada and potentially in the U.S."
CIM executed this transaction through its Infrastructure Fund, which partners with public agencies and makes other investments to develop and operate clean renewable resource projects, as well as transportation, communications and social services facilities-all of which support the growth and sustainability of North American urban communities.
The First Light project, which went into commercial operation on October 14, 2009, is expected to generate 11 million kilowatt hours of power annually, or enough to meet the electricity needs of approximately 1,000 homes. As a clean energy source, First Light will effectively eliminate approximately 7,500 metric tons of carbon from the air per year, the equivalent of removing approximately 1,750 cars from the road or planting more than seven million trees.
About CIM Group
CIM Group is a leading investment firm that since 1994 has systematically and successfully invested in dynamic, transitional and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional districts; and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in the Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.