The AES Corporation (NYSE: AES) announced today the start of commercial operations of three new facilities across its global portfolio: Guacolda 3, a 152 MW coal plant in Chile; Huanghua I, a 49.5 MW wind farm in China; and Amman East, a 380 MW combined cycle gas plant in Jordan. The facilities build on AES’ diverse portfolio of generation and distribution businesses across energy source, technology, and geography.
“We are helping to meet each country’s growing demand for power, using the best energy source and technology for each market,” said Andrés Gluski, Executive Vice President and Chief Operating Officer of AES. “Achieving operational excellence, as demonstrated by the performance of our dedicated team of construction and engineering professionals, enables us to continue to meet our financial commitments.”
The Guacolda 3 facility is the first coal plant to come on-line in Chile in 12 years, and adds a stable source of energy to the country’s generation portfolio. It is also the first facility in Chile equipped with flue gas desulphurization technology. Through its subsidiary, AES Gener, the second largest generator in Chile, AES operates more than 2,800 MW of biomass, coal, hydroelectric, diesel and natural gas facilities used to supply the Chilean market.
Huanghua I, a 49.5 MW wind project located in the Hebei Province of China, came on-line in September 2009, and the second phase, Huanghua II, is on track to come on-line during the first half of 2010. The Hebei Provincial Power Company will purchase all of the power generated by the wind farm. With this project coming on-line, AES’ wind operations in China increase from 49.5 MW to 98 MW, and its total wind portfolio increases from 1,302 MW to 1,352 MW worldwide.
The Amman East combined cycle gas plant is the first independent power producer in Jordan and increases the country''s electricity generation capacity by 18 percent. Amman East is also one of the most efficient generation facilities in Jordan.
This year AES has completed construction of six projects, totaling 804 MW. In addition to the three projects announced today, the 80 MW Kilroot peaker expansion in Northern Ireland, 12 MW of Innovent wind projects in France, and the 130 MW Santa Lidia diesel facility all entered commercial operation during 2009. AES’ current construction program totals more than 2,500 MW of core power and renewable projects, all of which have financing in place.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global power company with generation and distribution businesses. Through our diverse portfolio of thermal and renewable fuel sources, we provide affordable and sustainable energy to 29 countries. Our workforce of 25,000 people is committed to operational excellence and meeting the world''s changing power needs. Our 2008 revenues were $16 billion and we own and manage $35 billion in total assets. BusinessWeek named AES to its 2009 “BW 50 Best Performers” list. 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’s 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 experience.
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’s filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A “Risk Factors” in AES’s 2008 Annual Report on Form 10-K. Readers are encouraged to read AES’s filings to learn more about the risk factors associated with AES’s business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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