The
AES Corporation (NYSE: AES) announced today that it has entered into
an agreement to sell its 49.62% equity interest in AES Entek Elektrik
Üretimi A.Ş. (AES Entek), a joint venture with KOÇ HOLDİNG A.Ş. and
AYGAZ A.Ş., in Turkey, to its partners. The sale represents 100% of AES’
interest in assets in Turkey, consisting of 364 MW of operating natural
gas and hydroelectric facilities and its interest in a coal-fired
development project, for $125 million in equity proceeds to AES. Subject
to customary regulatory approvals, this transaction is expected to close
by the first quarter of 2015.
“With the sale of our Turkish assets, we will have exited nine countries
and received proceeds of $2.4 billion from asset sales over the past
three years," said Andrés
Gluski, AES President and Chief Executive Officer. “In line with our
strategy, we have focused on simplifying our portfolio and exiting those
markets where we do not have a sustainable competitive advantage. Active
portfolio management has allowed us to prepay $1.3 billion in debt and
invest $817 million in our shares, while reducing our corporate overhead
by one-third, or nearly $200 million. At the same time, we have more
megawatts under construction than at any other time in AES’ thirty-three
year history.”
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.
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. Forward-looking statements are not intended to be a guarantee of
future results, but instead constitute AES’ current expectations based
on reasonable assumptions.
Actual results could differ materially from those projected in AES’
forward-looking statements due to risks, uncertainties and other
factors. Important factors that could affect actual results are
discussed in the Tender Offer Materials related to the Tender Offers and
AES’ filings with the SEC, including, but not limited to, the risks
discussed under Item 1A “Risk Factors” and Item 7 “Management’s
Discussion & Analysis of Financial Condition and Results of Operations”
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.
Anyone who desires a copy of AES’ 2013 Annual Report on Form 10-K dated
February 26, 2014 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.
Copyright Business Wire 2014