Guohua agreements will boost AES China wind capacity to 150 MW
Arlington, Va. & Beijing - The AES Corporation (NYSE:AES) today announced a substantial increase in its China-based wind power operations through two new agreements with Guohua Energy Investment Co. Ltd., one of China's largest wind power developers.
AES acquired 49 per cent of the Guohua Hulunbeier Wind Farm, which began commercial operation in September 2007 in Inner Mongolia, China.
The wind farm currently produces 49.5 MW of wind generated power. This acquisition is AES's second wind power project with Guohua.
AES also reached a separate agreement with Guohua to proceed with construction of phase II of their jointly-owned Huanghua wind project in Hebei Province, approximately 200 kilometers southeast of Beijing.
The expansion will add another 49.5 MW, doubling the operating capacity of Huanghua to 99 MW when construction is completed in 2010.
Phase I of the Huanghua Project is currently under construction with commercial operation expected in late 2009.
Construction on phase II will begin after construction is completed on phase I. AES owns 49 per cent of the Huanghua Project which has the potential to expand to up to 200 MW.
"The acquisition of the Hulunbeier Wind Farm and extension of the Huanghua Project are part of AES's continued expansion of its wind power business in China," said Tom Kunde, President of AES China.
"We see a tremendous opportunity for further growth for AES in China. Together with Guohua, a leader in China's renewable energy field, AES is helping China meet its commitment to generate 30,000 MW of wind power by 2020."
"Renewable energy is a key component of AES's growth strategy and today nearly 20 per cent of our portfolio consists of renewables like hydro and wind," said Ned Hall, AES Executive Vice President and President, AES Wind Generation.
"Last year, AES was one of the fastest growing wind producers in the United States and we see significant opportunity for further expansion on a global basis, with China playing a key role in that growth."
AES currently has more than 1,000 MW of wind power in operation and another 6,000 MW of wind projects in various stages of development in fast growing markets including Bulgaria, Chile, China, France, Greece and Scotland.
About AES
China AES is one of the first US-based power companies to begin building wind generation facilities in China.
In 1994, AES became the first US-based power company to enter China, and now operates nine power plants in nine provinces and municipalities with a total generation capacity of 2,941 MW. AES's diverse operations in China include gas-fired, oil-fired, hydroelectric, wind and coal-fired plants.
AES China's workforce of more than 400 people is helping to create a sustainable and secure energy future for China.
To learn more about AES China, please visit www.aeschina.com.cn
About AES
AES is one of the world's largest global power companies, with 2007 revenues of $13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide.
Our 15 regulated utilities amass annual sales of over 78,000 GWh and our 123 generation facilities have the capacity to generate more than 43,000 megawatts.
Our global workforce of 28,000 people is committed to operational excellence and meeting the world's growing power needs.
To learn more about AES, please visit www.aes.com or contact AES media relations at media@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.
Forecast financial information is based on certain material assumptions. These assumptions include, but are not limited to, 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 2007 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.
AES Corporation
Media: Robin Pence, 703-682-6552 or Helen Ye, 86-10-59234857
or Investors:Ahmed Pasha, 703-682-6451
Arlington, Va. & Beijing - The AES Corporation (NYSE:AES) today announced a substantial increase in its China-based wind power operations through two new agreements with Guohua Energy Investment Co. Ltd., one of China's largest wind power developers.
AES acquired 49 per cent of the Guohua Hulunbeier Wind Farm, which began commercial operation in September 2007 in Inner Mongolia, China.
The wind farm currently produces 49.5 MW of wind generated power. This acquisition is AES's second wind power project with Guohua.
AES also reached a separate agreement with Guohua to proceed with construction of phase II of their jointly-owned Huanghua wind project in Hebei Province, approximately 200 kilometers southeast of Beijing.
The expansion will add another 49.5 MW, doubling the operating capacity of Huanghua to 99 MW when construction is completed in 2010.
Phase I of the Huanghua Project is currently under construction with commercial operation expected in late 2009.
Construction on phase II will begin after construction is completed on phase I. AES owns 49 per cent of the Huanghua Project which has the potential to expand to up to 200 MW.
"The acquisition of the Hulunbeier Wind Farm and extension of the Huanghua Project are part of AES's continued expansion of its wind power business in China," said Tom Kunde, President of AES China.
"We see a tremendous opportunity for further growth for AES in China. Together with Guohua, a leader in China's renewable energy field, AES is helping China meet its commitment to generate 30,000 MW of wind power by 2020."
"Renewable energy is a key component of AES's growth strategy and today nearly 20 per cent of our portfolio consists of renewables like hydro and wind," said Ned Hall, AES Executive Vice President and President, AES Wind Generation.
"Last year, AES was one of the fastest growing wind producers in the United States and we see significant opportunity for further expansion on a global basis, with China playing a key role in that growth."
AES currently has more than 1,000 MW of wind power in operation and another 6,000 MW of wind projects in various stages of development in fast growing markets including Bulgaria, Chile, China, France, Greece and Scotland.
About AES
China AES is one of the first US-based power companies to begin building wind generation facilities in China.
In 1994, AES became the first US-based power company to enter China, and now operates nine power plants in nine provinces and municipalities with a total generation capacity of 2,941 MW. AES's diverse operations in China include gas-fired, oil-fired, hydroelectric, wind and coal-fired plants.
AES China's workforce of more than 400 people is helping to create a sustainable and secure energy future for China.
To learn more about AES China, please visit www.aeschina.com.cn
About AES
AES is one of the world's largest global power companies, with 2007 revenues of $13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide.
Our 15 regulated utilities amass annual sales of over 78,000 GWh and our 123 generation facilities have the capacity to generate more than 43,000 megawatts.
Our global workforce of 28,000 people is committed to operational excellence and meeting the world's growing power needs.
To learn more about AES, please visit www.aes.com or contact AES media relations at media@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.
Forecast financial information is based on certain material assumptions. These assumptions include, but are not limited to, 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 2007 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.
AES Corporation
Media: Robin Pence, 703-682-6552 or Helen Ye, 86-10-59234857
or Investors:Ahmed Pasha, 703-682-6451
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