The AES Corporation (NYSE: AES) announced today that it has, through one
of its subsidiaries, entered into a strategic partnership with the
Estrella-Linda Group (“Estrella-Linda”), an investor group based in the
Dominican Republic. Under this agreement, Estrella-Linda will acquire an
8% minority interest in AES’ business in the Dominican Republic for $96
million. The transaction is expected to close in the fourth quarter of
2014 and is subject to customary closing conditions.
“This transaction, at a valuation of $1.2 billion for AES Dominicana,
highlights the value of our Dominican assets,” said Andrés Gluski, AES
President and Chief Executive Officer. “We believe that Estrella-Linda
represents a strong local player and will support our planned
expansions, such as upgrading our DPP power plant. AES and
Estrella-Linda are committed to bringing affordable, sustainable and
reliable energy solutions to the Dominican Republic.”
Estrella-Linda is a consortium of two leading Dominican industrial
groups: Estrella and Grupo Linda. The two partners manage diverse
businesses, including construction services, cement, agribusiness,
metalwork, plastics, textiles, paints, transportation, insurance and
media.
AES’ Dominican Republic business consists of an LNG import terminal, a
319 MW combined-cycle gas-fired plant (Andres), a 236 MW open cycle
gas-fired plant with potential expansion of the capacity to 358 MW in
combined-cycle mode (DPP), and 50% ownership of a 295 MW coal-fired
plant (Itabo). AES first entered the Dominican Republic in 1997.
About AES
The AES Corporation (NYSE: AES) is a Fortune 200 global power company.
We provide affordable, sustainable energy to 20 countries through our
diverse portfolio of distribution businesses as well as thermal and
renewable generation facilities. Our workforce of 17,800 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.
Follow AES on Twitter @TheAESCorp.
AES 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.
Copyright Business Wire 2014