Strengthens Position as a Leader in Providing
Renewable Energy to Corporate Customers
ARLINGTON, Va., June 7, 2023
/PRNewswire/ -- The AES Corporation (NYSE: AES) today announced the
acquisition of the 2 GW Bellefield project, which is currently in
late-stage development, and is the largest permitted
solar-plus-storage project in the United
States. The project, located in Kern County, California, where AES1
already has significant operations, includes two phases, each with
500 MW of solar and up to 500 MW of four-hour duration battery
energy storage. The project represents a significant step in
accelerating California's
commitment to achieving 100% carbon-free energy by 2045. This
acquisition strengthens AES' position as a leader in providing
renewable energy solutions to corporate customers under long-term
contracts.
Phase one of the Bellefield project has a 15-year Power Purchase
Agreement (PPA) to deliver hourly, carbon-free energy to an
existing AES corporate customer. AES expects to contract up
to an additional 1 GW of solar-plus-storage in phase two of the
Bellefield project by the end of 2023. The two phases of the
project were developed by the seller, Avantus, and are expected to
come online in 2025 and 2026, respectively.
"This significant acquisition accelerates AES' deployment of
unique renewable energy solutions to our key corporate clients in
the California market," said
Andrés Gluski, AES President and Chief Executive Officer.
"With the addition of Bellefield phase one, our signed PPA backlog
grows to more than 12 GW, which represents growth of more than 80%
from our current installed renewable generation fleet. The
vast majority of this backlog is expected to come online over the
next two years, consolidating AES' position as one of the fastest
growing renewables companies and a global leader in supplying clean
energy to corporate customers."
AES has been recognized by Bloomberg New Energy Finance (BNEF)
as the top developer selling clean energy to corporations through
PPAs in 2021 and 2022.
Over the last decade, AES has rapidly grown its portfolio of
renewable energy projects, including 15 GW of installed capacity, a
12 GW backlog of projects with signed long-term contracts
(including the first phase of the Bellefield project), and a global
pipeline of 61 GW.
1 Alberta Investment Management Corporation
(AIMCo) is an investor in AES' clean energy business in the US with
25% ownership of the business' growth projects.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global power
company accelerating the future of energy. Together with our
many stakeholders, we're improving lives by delivering the greener,
smarter energy solutions the world needs. Our diverse
workforce is committed to continuous innovation and operational
excellence, while partnering with our customers on their strategic
energy transitions and continuing to meet their energy needs
today. For more information, visit www.aes.com.
About Alberta Investment Management Corporation
Alberta Investment Management Corporation, AIMCo, is one of
Canada's largest and most
diversified institutional investment managers with CAD $168.3 billion of assets under management, as of
December 31, 2021. AIMCo
invests globally on behalf of 32 pension, endowment and government
funds in the Province of Alberta.
AIMCo's Infrastructure group manages a portfolio of over CAD
$14 billion in investments, comprised
primarily of long-term equity positions in OECD-based
infrastructure assets. These assets typically provide
essential services to the public and are either regulated or have
highly contracted revenues with the potential for long-term capital
appreciation. AIMCo infrastructure investments are intended
to match long duration real return asset characteristics with
inflation-indexed pension liabilities.
AES Safe Harbor Disclosure
This news release contains forward-looking statements within the
meaning of the Securities Act of 1933 and of the Securities
Exchange Act of 1934. Such forward-looking statements include, but
are not limited to, those related to future earnings, growth and
financial and operating performance. Forward-looking statements are
not intended to be a guarantee of future results, but instead
constitute AES' current expectations based on reasonable
assumptions. Forecasted financial information is based on
certain material assumptions. These assumptions include, but
are not limited to, our expectations regarding accurate projections
of future interest rates, commodity price and foreign currency
pricing, continued normal levels of operating performance and
electricity volume at our distribution companies and operational
performance at our generation businesses consistent with historical
levels, as well as the execution of PPAs, conversion of our backlog
and growth investments at normalized investment levels, rates of
return consistent with prior experience and the COVID-19
pandemic.
Actual results could differ materially from those projected in
our forward-looking statements due to risks, uncertainties and
other factors. Important factors that could affect actual
results are discussed in AES' filings with the Securities and
Exchange Commission (the "SEC"), including, but not limited to, the
risks discussed under Item 1A: "Risk Factors" and Item 7:
"Management's Discussion & Analysis" in AES' 2022 Annual Report
on Form 10-K and in subsequent reports filed with the SEC.
Readers are encouraged to read AES' filings to learn more
about the risk factors associated with AES' business. AES
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except where required by law.
Any Stockholder who desires a copy of the Company's 2022 Annual
Report on Form 10-K filed March 1,
2023 with the SEC may obtain a copy (excluding the exhibits
thereto) without charge by addressing a request to the Office of
the Corporate Secretary, The AES Corporation, 4300 Wilson
Boulevard, Arlington, Virginia
22203. Exhibits also may be requested, but a charge equal to
the reproduction cost thereof will be made. A copy of the
Annual Report on Form 10-K may be obtained by visiting the
Company's website at www.aes.com.
AES Website Disclosure
AES uses its website, including its quarterly updates, as
channels of distribution of Company information. The
information AES posts through these channels may be deemed
material. Accordingly, investors should monitor our website,
in addition to following AES' press releases, quarterly SEC filings
and public conference calls and webcasts. In addition, you
may automatically receive e-mail alerts and other information about
AES when you enroll your e-mail address by visiting the "Subscribe
to Alerts" page of AES' Investors website. The contents of
AES' website, including its quarterly updates, are not, however,
incorporated by reference into this release.
Investor Contact: Susan Harcourt 703-682-1204,
susan.harcourt@aes.com
Media Contact: Stephanie Cathcart
571-294-6824, stephanie.cathcart@aes.com
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SOURCE AES CORP.