Logo

Watermark
stats

AES Solar Closes on €103 Million Project Financing for a 24 MW Photovoltaic Portfolio in Italy

PRESS RELEASE

PDF Version

Media Contact
Ellen Gallup +1 703 682 6431

AES Solar Closes on €103 Million Project Financing for a 24 MW Photovoltaic Portfolio in Italy

ARLINGTON, VA. December 23, 2010. AES Solar, a joint venture between The AES Corporation (NYSE: AES) and Riverstone Holdings LLC, announced today that one of its subsidiaries closed on long-term non-recourse financing facilities of €103 million for a 24 MW portfolio of solar photovoltaic (PV) project, named “Il Terzo.” The Il Terzo portfolio is located throughout the Lazio, Puglia and Sicilia regions of Italy.

David Sundstrom, AES Solar Country Manager for Italy stated: “The Il Terzo financing was an especially challenging endeavor as it was a multi-project financing, covering seven of our Italian PV projects which were in various stages of construction throughout the financing process. Closing our third financing in Italy in the space of eight months underlines the quality of AES Solar’s capabilities in project finance and development and the strength of our banking relationships.”

Two banks participated in this financing: Dexia Crediop (as Agent) and Société Générale. The facilities cover approximately 85 percent of estimated project costs with a final maturity date of 18 years post construction. The seven plants composing Il Terzo are expected to reach commercial operation by the end of the first quarter of 2011, which will qualifies the portfolio for a 20-year regulated feed-in tariff under the “Conto Energia” scheme. AES Solar currently has a global operating portfolio of 37 MW in France, Greece and Spain, and with the addition of the Il Terzo portfolio, has approximately 135 MW of projects in operation or under construction.

About AES Solar

AES Solar is a joint venture between The AES Corporation and Riverstone Holdings LLC formed to develop, own and operate utility-scale photovoltaic solar installations around the world. AES Solar currently has 37 MW in operations in Spain, Greece and France, with substantial development activity in other countries. For more information, visit www.aes-solar.com.

About Riverstone Holdings LLC

Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $17 billion under management across six investment funds, including the world’s largest renewable energy fund. 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 $15 billion to 73 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.

About The AES Corporation

The AES Corporation (NYSE: AES) is a Fortune 500 global power company with generation and distribution businesses. Through its diverse portfolio of thermal and renewable fuel sources, AES safely provides affordable and sustainable energy in 31 countries. AES’ workforce of 27,000 people is committed to operational excellence and meeting the world’s changing power needs. AES’ 2009 revenues were $14 billion, and it owns and manages $40 billion in total assets. To learn more, please visit www.aes.com.

The AES Corporation 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, AES’ accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at AES’ distribution companies and operational performance at AES’ 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 experience.

Actual results could differ materially from those projected in AES’ 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, including, but not limited to, the risks discussed under Item 1A “Risk Factors” in AES’ 2009 Annual Report on Form 10-K. 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 2009 Annual Report on Form 10-K filed on or about February 25, 2010 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. Stockholders may also obtain a copy by visiting the Company’s website at www.aes.com.