ARLINGTON, Va.--(BUSINESS WIRE)--May 15, 2014--
The AES Corporation (NYSE: AES) announced that its subsidiary,
Indianapolis Power & Light (IPL), has received approval from the Indiana
Utility Regulatory Commission (IURC) for its request for a Certificate
of Public Convenience and Necessity (CPCN), allowing IPL to invest
approximately $600 million into a new 650 MW combined-cycle gas turbine
(CCGT) power station near Martinsville, Indiana and $36 million to
convert two units at the Harding Street Generation Station totaling 200
MW from coal to natural gas.
“This significant milestone demonstrates our continued ability to
develop and invest in attractive platform expansion opportunities,” said
Andrés Gluski, AES President and Chief Executive Officer. “Including
this CCGT project at IPL, in the past six months, we have received final
approvals for, or reached financial closing on approximately 2,600 MW of
expansion projects in the United States, Chile, India and Panama, which
will come on-line and contribute to our earnings and cash flow growth in
2015 through 2018.”
“We are committed to delivering to our customers the most
cost-effective, environmentally friendly and reliable source of
electricity,” said
Ken Zagzebski
, President of AES’ US Strategic
Business Unit. “Building a CCGT and refueling two of our Harding Street
units will ensure our ability to meet the future needs of our customers
and reduce our reliance on coal-fired generation.”
The IURC order allows IPL to earn a return on amounts invested during
the construction period. IPL will be funding the total project cost of
$636 million with a combination of 45% equity and 55% non-recourse debt.
The CCGT project will commence construction in third quarter 2014 and is
expected to come on-line in 2017. The conversion of Harding Street Units
5 and 6 will begin in the fall of 2015 and be completed by early 2016.
About AES
The AES Corporation (NYSE: AES) is a Fortune 200 global power company.
We provide affordable, sustainable energy to 21 countries through our
diverse portfolio of distribution businesses as well as thermal and
renewable generation facilities. Our workforce of 22,000 people is
committed to operational excellence and meeting the world’s changing
power needs. Our 2013 revenues were $16 billion and we own and manage
$40 billion in total assets. To learn more, please 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 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
(the “SEC”), including, but not limited to, the risks discussed under
Item 1A “Risk Factors” and Item 7: Management’s Discussion & Analysis in
AES’ 2013 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.
Any Stockholder who desires a copy of the Company’s 2013 Annual Report
on Form 10-K dated on or about February 25, 2014 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 Company’s website at www.aes.com.
Source: The AES Corporation
The AES Corporation
Investor Contact:
Ahmed Pasha, 703-682-6451
or
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