The AES Corporation (NYSE: AES) today (Dec 7) announced the completion of the purchase of Valcour Wind Energy (Valcour) from global investment firm Carlyle (NASDAQ: CG). Valcour's six wind farms represent the largest operating wind platform in New York and play an important role in helping the state meet its commitment to have 70% of its electricity come from renewable resources by 2030.
The Valcour portfolio currently produces roughly 25% of the State of New York's wind power and includes:
- Three wind parks in Clinton County totaling 279 MW
- Two wind parks in Wyoming County totaling 227 MW
- One wind park in Franklin County totaling 106 MW
Cogentrix Energy, a Carlyle portfolio company, operated, maintained, and managed the portfolio since Carlyle's acquisition of Valcour in 2018. AES is assuming these responsibilities going forward.
"The State of New York is a leader in the transition to a smarter, greener energy future while ensuring communities gain the economic benefits of hosting renewable energy projects. With the acquisition of the Valcour wind portfolio and our more than two decades of experience in New York, we're proud to work together with state and local communities to help meet these admirable goals," said Leo Moreno, AES Clean Energy President. "This wind portfolio complements our 1 GW solar pipeline in the state, allowing us to provide custom offerings such as our 24/7 product to realize a carbon-free energy grid. Thanks to the partnership between Carlyle, Cogentrix and Valcour, the Valcour portfolio also offers a strong platform upon which we can continue to build through repowering."
Carlyle Managing Director J.B. Oldenburg said, "We are proud to have partnered with the Cogentrix and Valcour teams to help New York State continue to make progress towards its clean energy goals. As Carlyle's first wind investment, this was a partnership where value creation and driving positive environmental change converged and we are thrilled for AES to build upon that impact. We believe the renewable and sustainable energy sector is at an inflection point and look forward to continuing to be a key contributor to progressing the transition."
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 AES here.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
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 the COVID-19 pandemic, 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 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' 2020 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 2020 Annual Report on Form 10-K filed February 24, 2021 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.
