ARLINGTON, USA: The AES Corp. has successfully closed its equity sale with a wholly owned investment subsidiary of the China Investment Corp. (CIC).
The deal was first announced on November 6, 2009 and raises $1.58 billion in new capital for AES. CIC acquired 125.5 million shares of AES stock for $12.60 per share in exchange for an approximate 15 percent stake in the Company.
Paul Hanrahan, President and Chief Executive Officer of AES Corp., stated: “We are extremely pleased with our new partnership with CIC. Their investment in AES provides a source of capital that allows us to take full advantage of our pipeline of investment projects and to pursue select M&A transactions. Additionally, working with CIC will expand our sources of financing in Asia, where the majority of growth in electricity demand is projected to occur.”
AES has an advanced development pipeline of 1,500 MW of wind and solar projects in the U.S. and Europe, as well as an advanced development pipeline of 7,500 MW of core power projects, primarily in Asia and Latin America.
Founded in 1981 as one of the first Independent Power Producers in the US, today AES has a broad portfolio of generation and distribution businesses across diverse energy sources, technologies and markets.
CIC is China’s sovereign wealth fund and a long-term institutional investor operated on a commercial basis. The transaction was subject to various regulatory reviews and has met all regulatory conditions to closing.
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