AES Solar Closes on €77 Million Project Financing for a 27 MW Solar Photovoltaic Portfolio in Italy
ARLINGTON, Va.--(BUSINESS WIRE)-- AES Solar, a joint venture between The AES Corporation (AES) and Riverstone Holdings LLC, announced today that it closed on ¬77 million of long-term non-recourse financing for Elpida, a portfolio of ten solar photovoltaic (PV) power plants totaling 27 MW, located in the Lazio and Sicily regions of Italy. The financing facility closed this past May and was used to refinance the equity advanced during construction of the Elpida project.
Three mandated lead arrangers (MLAs) participated in this financing: Dexia Crediop (Coordinating Bank and Facility Agent), together with DNB Bank (Technical Bank) and ING Bank (Insurance Bank). The facility is structured as a multi-borrower transaction.
Six of the power plants totaling 21 MW achieved commercial operation during the second half of 2011, while the remaining four PV installations totaling 6 MW completed construction during the first two months of 2012, qualifying them for a 20-year feed-in tariff regulated under the fourth Conto Energia renewable energy tariff structure.
AES Solar currently has a global operating portfolio of 232 MW in Bulgaria, France, Greece, India, Italy and Spain, and has 24 MW under construction in the United States.
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 solar power plants. AES Solar currently has 232 MW in operations in Bulgaria, France, Greece, India, Italy and Spain with substantial development activity in the United States and in other countries. For more information, visit www.aes-solar.com.
About Riverstone Holdings LLC
Founded in 2000, Riverstone Holdings LLC is an energy and power-focused private equity firm with over $18 billion of equity capital raised across seven investment funds and co-investments, 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 $16.4 billion to 80 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.
About The AES Corporation
The AES Corporation is a Fortune 200 global power company. We provide affordable, sustainable energy to 27 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 27,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2011 revenues were $17 billion and we own and manage $45 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, 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 filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A Risk Factors in AES 2011 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 Companys 2011 Annual Report on Form 10-K dated on or about February 24, 2012 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. A copy of the Form 10-K may be obtained by visiting the Companys website at www.aes.com.
The AES Corporation
Ellen Gallup, +1-703-682-6431
Source: The AES CorporationCopyright Business Wire 2012