AES Said to Join Riverstone Seeking $171 Million for Solar IPO

AES Corp. and Riverstone Holdings LLC are seeking to raise C$175 million ($170.6 million) by selling part of their solar-power plant partnership in a Canadian initial public offering, according to two people with knowledge of the transaction.

Silver Ridge Power Inc., formed in July by Arlington, Virginia-based AES and New York-based private-equity firm Riverstone, plans to sell shares and list on the Toronto Stock Exchange, said the people, who asked not to be identified because the terms aren’t public.

Silver Ridge will acquire solar plants and projects owned by AES Solar Energy Ltd., a March 2008 joint venture between AES and Riverstone, when the offering is completed, according to an April 4 filing with Canadian regulators. The plants, located in the U.S., Europe and India, will have a generating capacity of 522 megawatts when the Mount Signal project in California is fully operational by next year, according to the filing.

Ellen Gallup, a spokeswoman for AES Solar, declined to comment. An e-mail message left with Robert Hemphill Jr., chief executive officer of Silver Ridge, and telephone messages with AES and Riverstone weren’t immediately returned.

Royal Bank of Canada, Bank of Montreal and Goldman Sachs Group Inc. are leading the sale, according to the filing.