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AES Corporation: Agreement at Maritza in Bulgaria
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ARLINGTON, Virginia - The AES Corporation (AES) announced that one of its subsidiaries, AES 3C Maritza East I (Maritza) has signed a Heads of Terms Agreement (HTA) with NEK, the state-owned wholesale power company. Under the framework set forth in the HTA, both parties will endeavor to make certain changes to the Power Purchase Agreement (PPA), under which Maritza sells its output to NEK through 2026 (PPA Term). Maritza and NEK agreed to reduce the capacity payment to Maritza under the PPA by 14 percent through the PPA Term. In exchange, NEK will pay Maritza its full outstanding receivables, which as of March 31, 2015 were approximately $236 million. A binding agreement is expected to be signed by the third quarter of 2015 and is subject to customary regulatory approvals.
“I am pleased to report that we have reached a framework to settle Maritza’s outstanding receivables,” said Andrés Gluski, AES President and Chief Executive Officer. “This agreement is one component of the Government of Bulgaria’s plan to strengthen the liquidity position of Maritza’s offtaker, NEK. It is a win-win proposition that helps to create a sustainable electricity sector.”
The terms of the HTA, once implemented, will have an approximate $0.03 per share annual impact on the Company’s Adjusted EPS, which has been reflected in the Company’s 2015 guidance and expectations through 2018 provided on its fourth quarter earnings call on February 26, 2015.
About AES
The AES Corporation (AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 18 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 18,500 people is committed to operational excellence and meeting the world’s changing power needs. Our 2014 revenues were $17 billion and we own and manage $39 billion in total assets. To learn more, please visit www.aes.com.
ARLINGTON, Virginia - The AES Corporation (AES) announced that one of its subsidiaries, AES 3C Maritza East I (Maritza) has signed a Heads of Terms Agreement (HTA) with NEK, the state-owned wholesale power company. Under the framework set forth in the HTA, both parties will endeavor to make certain changes to the Power Purchase Agreement (PPA), under which Maritza sells its output to NEK through 2026 (PPA Term). Maritza and NEK agreed to reduce the capacity payment to Maritza under the PPA by 14 percent through the PPA Term. In exchange, NEK will pay Maritza its full outstanding receivables, which as of March 31, 2015 were approximately $236 million. A binding agreement is expected to be signed by the third quarter of 2015 and is subject to customary regulatory approvals.
“I am pleased to report that we have reached a framework to settle Maritza’s outstanding receivables,” said Andrés Gluski, AES President and Chief Executive Officer. “This agreement is one component of the Government of Bulgaria’s plan to strengthen the liquidity position of Maritza’s offtaker, NEK. It is a win-win proposition that helps to create a sustainable electricity sector.”
The terms of the HTA, once implemented, will have an approximate $0.03 per share annual impact on the Company’s Adjusted EPS, which has been reflected in the Company’s 2015 guidance and expectations through 2018 provided on its fourth quarter earnings call on February 26, 2015.
About AES
The AES Corporation (AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 18 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 18,500 people is committed to operational excellence and meeting the world’s changing power needs. Our 2014 revenues were $17 billion and we own and manage $39 billion in total assets. To learn more, please visit www.aes.com.