ARLINGTON, Va.--(BUSINESS WIRE)--Jun. 17, 2014--
The AES Corporation (NYSE: AES) today announced that it has entered into
a definitive agreement with SunEdison, Inc. (SunEdison) to sell its 50%
stake in 336 MW of solar photovoltaic (PV) projects owned by Silver
Ridge Power, LLC (Silver Ridge), a joint venture between AES and
Riverstone Holdings LLC. Under the agreement, AES will sell its interest
in solar PV projects in operation and under development in Europe, India
and the United States for an equity purchase price of $165 million.
SunEdison also has an option to acquire AES’ 50% ownership in 130 MW of
solar PV projects in Italy for an additional $42 million by August 2015.
This agreement does not include the sale of AES’ 50% stake in the
remaining 55 MW of solar PV projects in Puerto Rico and Spain.
In addition, as announced in October 2013, AES will receive
approximately $50 million in proceeds from Google’s tax equity
investment in Silver Ridge’s 266 MW Mount Signal project in California,
which achieved commercial operation in April 2014.
“This transaction is another example of how we are continuing to
simplify our portfolio and unlock the value of our assets,” said Andrés
Gluski, AES President and Chief Executive Officer. “We plan to use the
proceeds in-line with our strategy with the aim of maximizing total
These transactions were assumed in the Company’s 2014 guidance and are
expected to be modestly accretive in 2015 and beyond. The transaction
with SunEdison is subject to purchase price adjustments and customary
regulatory approvals, including Federal Energy Regulatory Commission
(FERC) approval and an antitrust review under the Hart-Scott-Rodino
(HSR) Act. These approvals are expected in late June 2014.
The AES Corporation (NYSE: AES) is a Fortune 200 global power company.
We provide affordable, sustainable energy to 20 countries through our
diverse portfolio of distribution businesses as well as thermal and
renewable generation facilities. Our workforce of 17,800 people is
committed to operational excellence and meeting the world’s changing
power needs. Our 2013 revenues were $16 billion and we own and manage
$40 billion in total assets. To learn more, please visit www.aes.com.
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 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 achievements of
planned productivity improvements and incremental growth investments at
normalized investment levels and rates of return consistent with prior
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’ 2013 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.
Any Stockholder who desires a copy of the Company’s 2013 Annual Report
on Form 10-K dated on or about February 25, 2014 with the SEC may obtain
a copy (excluding Exhibits) 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 Form 10-K may be obtained by visiting the Company’s website at www.aes.com.
Source: AES Corporation
Ahmed Pasha, 703-682-6451
Amy Ackerman, 703-682-6399