Construction Milestone Marks the Largest
Renewables Capacity Addition by AES in a Single Year
ARLINGTON, Va., Jan. 18,
2024 /PRNewswire/ -- The AES Corporation (NYSE: AES)
announced the completion of 3.5 GW of renewables projects in 2023,
nearly doubling the capacity constructed compared to 2022.
"In 2023, AES completed the construction of 3.5 GW of new
renewables. This construction milestone represents a new record and
a growth rate of nearly 100% over 2022. Including these newly added
projects, AES' portfolio of renewables now reaches 18.4 GW," said
Andrés Gluski, AES President and Chief Executive Officer.
Of the 3.5 GW of projects that AES completed, 1.6 GW are solar,
1.3 GW are wind and 0.6 GW are energy storage. Examples of notable
projects completed in 2023 include:
- Great Cove Solar is a 220 MW project comprised of
two solar facilities in Franklin
and Fulton Counties, Pennsylvania being commissioned in multiple
phases. It is the largest solar project in the Commonwealth and the
University of Pennsylvania will
purchase all electricity produced at the sites. The project will
generate enough energy to power 70% of the total electricity demand
of Penn's academic campuses and the
University of Pennsylvania Health
System, helping to support the University's goal of achieving a
100% carbon neutral campus by 2042. The project will also host a
research study onsite in partnership with Penn's Environmental Innovations Initiative, which
could offer the industry insight on best practices for soil health
management on operational solar projects.
- Chevelon Butte Wind is a 238 MW wind project, and
Phase 1 of a 454 MW wind facility in Coconino and Navajo counties, Arizona. Once Phase 2 becomes operational this
year, collectively it will be the state's largest wind farm. The
project is sited on the Chevelon Butte Ranch, one of the oldest
working cattle ranches in Arizona.
The facility is compatible with existing livestock ranching and
hunting land uses, enabling the landowner family and Arizona State
Land Department to continue the more than century-long tradition of
raising livestock and stewarding the land.
- McFarland A Solar-plus-Storage is a 200 MW solar
and 100 MW energy storage project located in Yuma County, Arizona. As one of the largest
solar-plus-storage projects in the state, this facility represents
the next generation of sustainable energy infrastructure powering a
more secure and reliable electric grid. The project has already
created hundreds of jobs in the region during construction.
- Oak Ridge Solar is a 200 MW solar facility located
in Morehouse Parish, Louisiana.
Oak Ridge Solar is the largest
operating solar project in the state and will provide low-cost
electricity while reducing carbon emissions and generating economic
benefits for the local Morehouse
Parish community. This project not only represents a
high-value economic investment in the region but also supports
Louisiana solar energy
growth.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy
company accelerating the future of energy. Together with our many
stakeholders, we're improving lives by delivering the greener,
smarter energy solutions the world needs. Our diverse workforce is
committed to continuous innovation and operational excellence,
while partnering with our customers on their strategic energy
transitions and continuing to meet their energy needs today. For
more information, 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' current expectations based on reasonable
assumptions. Forecasted financial information is based on certain
material assumptions. These assumptions include, but are not
limited to, our expectations regarding 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 the execution of PPAs, conversion of our backlog
and growth investments at normalized investment levels, rates of
return consistent with prior experience and the COVID-19
pandemic.
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 (the "SEC"), including, but not limited to, the risks
discussed under Item 1A: "Risk Factors" and Item 7: "Management's
Discussion & Analysis" in AES' 2022 Annual Report on Form 10-K
and in subsequent reports filed with the SEC. 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, except where
required by law.
Any Stockholder who desires a copy of the Company's 2022 Annual
Report on Form 10-K filed March 1,
2023 with the SEC may obtain a copy (excluding the exhibits
thereto) 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 Annual Report
on Form 10-K may be obtained by visiting the Company's website at
www.aes.com.
Website Disclosure
AES uses its website, including its quarterly updates, as
channels of distribution of Company information. The information
AES posts through these channels may be deemed material.
Accordingly, investors should monitor our website, in addition to
following AES' press releases, quarterly SEC filings and
public conference calls and webcasts. In addition, you may
automatically receive e-mail alerts and other information
about AES when you enroll your e-mail address by visiting the
"Subscribe to Alerts" page of AES' Investors website. The contents
of AES' website, including its quarterly updates, are not,
however, incorporated by reference into this release.
Investor Relations: Susan
Harcourt 703-682-1204, susan.harcourt@aes.com
Media Contact: Stephanie Cathcart
571-294-6824, stephanie.cathcart@aes.com
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SOURCE The AES Corporation