AES and Riverstone to invest $1 billion in utility-scale solar projects

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A
new joint venture company AES Solar has been formed to develop, own and
operate utility-scale solar projects for partners The AES Corporation
and Riverstone Holdings LLC, with an investment of $1 billion over five
years.

“Renewable energy is an increasingly significant part of AES’s overall portfolio and currently accounts for 20 percent of our global generation capacity,” said Paul Hanrahan, AES President and Chief Executive Officer. “Solar is a natural extension of our business, much as wind generation has been, and we see tremendous opportunity for growth in this market. We look forward to partnering with Riverstone in this joint venture, to make solar power a viable energy source worldwide.”

Ralph Alexander, a Managing Director of Riverstone Holdings, said, “Because of its scale, this joint venture has the potential to change the fundamental economics of solar power. We are excited about partnering with AES, which we recognize as a world-class partner. The timing is right for this project given the spread of renewable power standards around the world, high-energy prices and the continued progress of the solar photovoltaics industry to improve performance and reduce costs. Together, these trends present a substantial opportunity to create value and meet the world’s growing demand for clean energy.”

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