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AES Corporation: Financing on Bulgarian Wind Farm Closed
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The AES Corporation (NYSE: AES - News) today announced that AES Geo Energy, a majority owned subsidiary, signed an agreement to build the largest wind farm in Bulgaria. AES Geo Energy will construct and operate the 156 MW St. Nikolas wind farm in Kavarna. A signing ceremony in Sofia to close the deal was attended by Bulgarian Prime Minister Sergei Stanishev and Paul Hanrahan, President and Chief Executive Officer of AES.
“The St. Nikolas at Kavarna project will be the largest wind farm in Bulgaria, and demonstrates our commitment to provide sustainable and affordable power,” said Mr. Hanrahan.
“The St. Nikolas at Kavarna project will significantly increase Bulgaria’s wind generation capacity, and marks AES Wind’s fifth operational wind farm in Europe,” said Marty Crotty, President, AES Wind Generation.
The wind farm will consist of 52 Vestas turbines and will be owned and operated by AES GEO Energy, which has signed a 12-year Power Purchase Agreement (PPA) with the National Electricity Company.
The total project cost is € 270 million, of which € 198 million was financed through non-recourse financing. The non-recourse financing has been secured in a consortium of lenders, led by the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and UniCredit Markets & Investment Banking for a 15 year term. AES had funded € 68 million for the equity as of September 2008 and covered the balance of the € 4 million project funding at the financial close.
AES has more than 1,000 MW of wind capacity in operation globally. In Bulgaria, AES is currently building the Maritza East I Power Project, the largest greenfield power sector investment to date in southeastern Europe.
The signing ceremony was also attended by the American Ambassador to Bulgaria, Nancy McEldowney, the Minister of Environment and Water Dzhevdet Chakarov, the Minister of Economy and Energy Peter Dimitrov, the Minister of Health Evgeni Zhelev, the Minister of Labour Emilia Maslarova, representatives of the National Electricity Company and representatives of the State Water and Energy Regulatory Commission.
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 14 regulated utilities amass annual sales of approximately 76,000 GWh and our 124 generation facilities have the capacity to generate approximately 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 [email protected].
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. Forecasted 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.
Contact:
AES Corporation
Ahmed Pasha, 703-682-6451
Source: AES Corporation
The AES Corporation (NYSE: AES - News) today announced that AES Geo Energy, a majority owned subsidiary, signed an agreement to build the largest wind farm in Bulgaria. AES Geo Energy will construct and operate the 156 MW St. Nikolas wind farm in Kavarna. A signing ceremony in Sofia to close the deal was attended by Bulgarian Prime Minister Sergei Stanishev and Paul Hanrahan, President and Chief Executive Officer of AES.
“The St. Nikolas at Kavarna project will be the largest wind farm in Bulgaria, and demonstrates our commitment to provide sustainable and affordable power,” said Mr. Hanrahan.
“The St. Nikolas at Kavarna project will significantly increase Bulgaria’s wind generation capacity, and marks AES Wind’s fifth operational wind farm in Europe,” said Marty Crotty, President, AES Wind Generation.
The wind farm will consist of 52 Vestas turbines and will be owned and operated by AES GEO Energy, which has signed a 12-year Power Purchase Agreement (PPA) with the National Electricity Company.
The total project cost is € 270 million, of which € 198 million was financed through non-recourse financing. The non-recourse financing has been secured in a consortium of lenders, led by the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and UniCredit Markets & Investment Banking for a 15 year term. AES had funded € 68 million for the equity as of September 2008 and covered the balance of the € 4 million project funding at the financial close.
AES has more than 1,000 MW of wind capacity in operation globally. In Bulgaria, AES is currently building the Maritza East I Power Project, the largest greenfield power sector investment to date in southeastern Europe.
The signing ceremony was also attended by the American Ambassador to Bulgaria, Nancy McEldowney, the Minister of Environment and Water Dzhevdet Chakarov, the Minister of Economy and Energy Peter Dimitrov, the Minister of Health Evgeni Zhelev, the Minister of Labour Emilia Maslarova, representatives of the National Electricity Company and representatives of the State Water and Energy Regulatory Commission.
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 14 regulated utilities amass annual sales of approximately 76,000 GWh and our 124 generation facilities have the capacity to generate approximately 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 [email protected].
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. Forecasted 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.
Contact:
AES Corporation
Ahmed Pasha, 703-682-6451
Source: AES Corporation