AES expects to add 3.4GW of renewables in 2023, 2.1GW in the US alone

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AES Corporation signed 5.2GW of new renewable PPAs in 2022, of which 1.9GW have been signed since its Q3 conference callAEA. Image: AES Indiana via Twitter.

Energy company AES Corporation expects to complete 3.4GW of new renewable energy projects globally in 2023.

The US will continue to be its biggest market as more than half (2.1GW) of the total expected added capacity for 2023 will be on US soil, while it targets to sign between 14-17GW of power purchase agreements (PPAs) globally through 2025.

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Last year it signed 5.2GW of new renewable energy PPAs – solar PV accounting for 2.6GW – of which 1.9GW have been signed since its third quarter conference call in November 2022.

The company has increased its backlog of long-term contracts from Q3 2022 by 1GW to 12.2GW of renewable PPAs, with solar accounting for almost half (45%) of total backlog capacity, while 45% of the backlog projects are under construction.

“We continue to see massive growth in our renewables business, and in 2022, we signed more PPAs for solar, wind and energy storage than ever before in our history,” said Andrés Gluski, president and CEO of AES.

Throughout 2022 the energy company completed the construction or acquisition of operating projects with a total capacity of 1.2GW, including 1GW of renewables in the US.

Earlier this month, AES brought online a 100MW solar PV plant in Arizona with Meta signed up as an off-taker.

Most of the company’s development pipeline remains in the US with 51GW as of the end of 2022 and 12.8GW outside the country.

During Q4 2022 the company partnered with Air Products to develop, build, own and operate a 1.4GW green hydrogen project in Texas that will be powered by solar and wind power.

The company registered a regulated revenue of US$3.5 billion in 2022, up from US$2.8 billion the year prior.

AES Corporation has reaffirmed its 7-9% annualised growth rate target through 2025, from a base year of 2020.

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