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AES Corporation - US-Utility

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AES closes closes transaction with CIC: US$1.58 Billion in new capital
16 March 2010 | By Emma Hughes | News > Power Generation

AES has closed its equity sale with a wholly owned investment subsidiary of the China Investment Corporation (CIC). The deal raises US$1.58 billion in new capital for the company. CIC acquired 125.5 million shares of AES stock for US$12.60/share in exchange for an approximate 15% stake in the company.

Paul Hanrahan, president and CEO of AES, said, "We are extremely pleased with our new partnership with CIC. Their investment in AES provides a source of capital that allows us to take full advantage of our pipeline of investment projects and to pursue select M&A transactions. Additionally, working with CIC will expand our sources of financing in Asia, where the majority of growth in electricity demand is projected to occur."

The transaction is subject to various regulatory reviews and has met all regulatory conditions to closing.
AES Solar (www.aes-solar.com) ist JV zwischen:

AES is one of the world's largest global power companies, with 2007 revenues of $13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. The company's 15 regulated utilities amass annual sales of over 78,000 GWh and our 123 generation facilities have the capacity to generate approximately 43,000 megawatts. AES's global workforce of 25,000 people is committed to operational excellence and meeting the world's growing power needs. For more, see aes.com

Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $17 billion under management across six investment funds. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $11.1 billion to 58 investments in North America, Latin America, Europe and Asia. For more information, visit riverstonellc.com
AES Solar Energy closes on €173m financing for 43MW project in Italy
01 April 2010 | By Emma Hughes | News > Thin Film, CdTe , Power Generation

One of AES Solar Energy's subsidiaries has closed a long-term project financing round totaling €173 million, to finance the construction of the Cellino San Marco (CSM) project, the 43MW solar PV facility located in Puglia, Italy. CSM is now the largest solar PV project in Italy to reach financial close.

A total of five banks participated in this financing including, Société Générale, Unicredit Mediocredito Centrale, BNP Paribas, Crédit Agricole Corporate and Investment Bank and Dexia Crediop. The five facilities cover approximately 85% of estimated project costs at completion; the final maturity date is 18 years post construction.

Massimiliano Battisti, a managing director at Société Générale, said, "While the Italian regulatory environment makes solar PV a highly attractive investment, its dynamics make innovative financing solutions necessary. This poses a significant barrier to entry for less sophisticated investors. In this environment we believe that it is very important to have partners like AES Solar who are among the most experienced sponsors in this sector, as they have both the industry and the financial expertise as well as the ability to understand the subtleties of the local market to enable them to successfully deliver the project."

Construction on the project has already begun, in time for completion by the end of 2010. If completed on time, the project will qualify for the 20-year regulated feed-in tariff under the 'Conto Energia' scheme. CSM will use First Solar thin-film panels for the installation.
PARIS, FRANCE, June 17, 2010. AES Solaire France, an affiliate of AES Solar Energy Ltd.,
held the inauguration of their 1.2 MW ground-mounted solar photovoltaic (PV) power plant in
Sault (Vaucluse), France today.
The solar PV plant is located on a former military site, which was used to store a nuclear missile
from the mid 1960s until it was dismantled in the late 1990s. The mayor of Sault, André
Faraud, said “We are pleased that the former military site was converted into a renewable energy
Kristen Panerali, AES Solar Country Manager for France stated, “This is our first operating solar
PV project in France, an important market for AES Solar. We look forward to developing and
operating new projects here.”
The plant began commercial operations in December 2009, and produces enough electricity for
about 600 households. The electricity is sold to Electricité de France (EDF) under a long-term
contract. The plant was financed by Credit Cooperative and was constructed under a turnkey
contract by GES-Global Energy Services.
A123 Systems (Nasdaq:AONE), a developer and manufacturer of advanced Nanophosphate™ lithium ion batteries and systems, today announced that AES Energy Storage, a leader in the use of fast-responsive energy storage for the grid, has ordered and is deploying 44MW of A123's Smart Grid Stabilization Systems (SGSS) for various new projects—including an energy storage project in Johnson City, N.Y.

These projects, scheduled to be completed by the end of 2011, extend the business relationship established between AES Energy Storage and A123 Systems in 2008 to develop and deploy multi-megawatt energy storage systems to increase the capacity, improve responsiveness and enhance efficiency of assets on the electric grid. In 2009, the companies announced the commercial operation of a 12 MW frequency regulation and spinning reserve project using SGSS at AES Gener's Los Andes substation in the Atacama Desert in Chile, the first energy storage system deployed in the country.

"A123's SGSS provide nearly instantaneous response to grid operator requests for power absorption or injection, making our technology an ideal energy resource for helping utilities perform frequency regulation and other ancillary services," said Robert Johnson, vice president of A123's Energy Solutions Group. "A123 and AES Energy Storage have demonstrated the commercial viability of using utility-scale lithium ion batteries for grid stabilization services, and this 44MW order highlights the continuing mutual success of this business relationship as utilities and grid operators increase demand for more cost-effective, energy-efficient ancillary services."

A123's industry-leading SGSS offer utilities a complete solution to quickly and cost-effectively hybridize power plants to increase efficiency, improve grid stability and facilitate the seamless integration of renewable energy sources. The robust, highly scalable design consists of modular energy storage racks, power electronics and communications and controls software, enabling grid operators to implement a turnkey package for frequency regulation, synchronous reserve and other ancillary services. To date, A123 has delivered more than 20MW of SGSS units to customers worldwide, making the company the largest producer of lithium ion batteries for ancillary services for the power grid.

"With this new order, AES Energy Storage continues to build on its ability to effectively deliver energy storage services to electric grid operators around the globe," said Chris Shelton, President of AES Energy Storage, LLC. "Our project development and operating capabilities combined with A123's expertise in grid-scale products provides quality reliability services for power grid operators."

AES Energy Storage delivers the benefits of large-scale energy storage systems to utilities, power stations, ISOs and renewable developers. AES Energy Storage will deploy the SGSS units to deliver frequency regulation and synchronized reserve, ancillary services that help system operators reliably maintain the near instantaneous and continuous balance between generation and load.

A123 Systems, Inc. (Nasdaq:AONE) develops and manufactures advanced lithium ion batteries and battery systems for the transportation, electric grid services and commercial markets. Headquartered in Massachusetts and founded in 2001, A123 Systems' proprietary nanoscale electrode technology is built on initial developments from the Massachusetts Institute of Technology.
On Thursday August 12, 2010, 1:20 pm EDT

ARLINGTON, Va. (AP) -- AES Corp. has acquired Premier Power Ltd. for $160 million in cash, the energy company said Thursday.

Premier Power's assets include a 1,246-megawatt natural gas power plant in Northern Ireland.

The acquisition expands AES' operating capacity in Northern Ireland to 1,868 megawatts, or 15 percent of the Single Electricity Market, which covers Northern Ireland and the Republic of Ireland.

The majority of the power plant's output is contracted to Northern Ireland Electricity and the affiliated agreements allow for a passthrough of fuel costs, the company said.

AES shares added 8 cents to $10.69 in afternoon trading.
AES starts commercial operations of 16MW hydropower plant in Turkey
Published: 30-Aug-2010
The AES Corporation has started commercial operations of the 16MW Damlapinar hydropower facility on the Goksu River in Karaman, Turkey.

AES-IC Ictas Energy, a 51% AES owned joint venture, owns and operates the Damlapinar facility, which increases AES' small hydro capacity in Turkey to 42MW.

The facility includes two 8.2MW Francis turbines from Chinese manufacturer Harbin Power Engineering, and the engineering, procurement and construction work was performed by IC Ictas Construction.

The project cost was $65m, of which $36m was financed by a non-recourse seven year term loan.

AES' downstream 28MW Kepezkaya facility, as well as the 18MW Kumkoy small hydro project, located in Samsun, Turkey, are both expected to start commercial operation by the end of the year.
Schneider Wins Contract to Build 43-Megawatt Solar Park in Italy
BLOOMBERG - Schneider Electric SA, the world’s largest maker of low-voltage equipment, won a contract to build AES Solar Energy Ltd.’s Cellino San Marco photovoltaic project in Puglia, southern Italy.

The French company will build, operate and maintain the solar park as main contractor, it said in a statement. No financial details were available.

The contract was awarded by AES Solar, a joint venture between U.S.-based power producer AES Corp. and private equity firm Riverstone Holdings LLC.
AES Expands in the Philippines
By: Zacks Equity Research
October 05, 2010 | Comments: 0

In an effort to meet the increasing demand for electricity in the Philippines, The AES Corporation (AES - Analyst Report) plans to expand its Masinloc power generation facility. The company estimates a capital investment of approximately $800 million, obtained from a combination of non-recourse financing and equity. The company plans to double the size of its 660 megawatt Masinloc I coal-fired power plant.

The company noted that the growing power sector in the Philippines requires new low-cost electric generation capacity. Compounding the need for energy, the national economy in that country will likely grow at an average of over 5% year over year through 2015, with demand for electricity expected to grow 5% for the same period. Recently, the Philippines received an investment commitment worth $2.4 billion from foreign companies, providing a boost to economic growth.

AES, following its acquisition of the Masinloc I facility in the Central Luzon region in 2008, became the largest foreign investor in the country, enabling it to capitalize on the growing potential of a developing economy. The company increased the plant’s capacity to 630 megawatts from 450 megawatts, expanded availability to 74% from 50% and spurred net production by 62% within two years.

In this context, the company is deploying substantial funds for capacity expansion in the Latin American and Asian markets to boost growth and profitability.

The company reported a strong second quarter, largely driven by a combination of better operations at the generation businesses in Asia, increased volumes and prices in Latin America and favorable foreign currency exchange rates. However, lower North American margins and a higher effective tax rate due to the gain of $115 million on the sale of the company's indirect investment in CEMIG, a Brazilian utility, were partial offsets.

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