Last month, AES Solar closed a €70 million ($90 million), multi-borrower, non-recourse financing of a 22.4 MW portfolio in France. HSH Nordbank was the Lead Arranger for this 18-year facility. The portfolio consists of a 12 MW solar PV parking-lot project located near Toulouse, an 8.7 MW solar PV parking-lot project located near Lyon and a 1.7 MW ground-mount solar PV project also near Toulouse. All three solar PV power plants achieved commercial operation in the first half of 2012. The credit facility was used to refinance equity invested during construction.
The third transaction, which also closed in October 2012, is AES Solar’s first corporate facility consisting of a €20 million ($26 million) medium-term revolver, which will be used to provide working capital and additional financial flexibility for AES Solar. The Lead Arranger of the facility is Goldman Sachs Bank USA.
“The combination of these several financings demonstrates the breadth of AES Solar’s business activities across markets, solar PV plant configurations and sizes,” said Becky Cranna, CFO of AES Solar. “We look forward to creatively providing more of the world’s energy through solar PV power plants.”
AES Solar is one of the world’s largest owners and operators of utility-scale, solar PV power plants. The additional four projects in the United States and France will increase AES Solar’s portfolio to over 500 MW in operation or construction in the USA, Italy, Spain, France, Bulgaria, India and Greece.
About AES Solar
AES Solar is a joint venture between The AES Corporation and Riverstone Holdings, LLC formed to develop, own and operate utility-scale solar power plants. AES Solar currently has 256 MW in operations in the USA, Italy, Spain, France, Bulgaria, India, and Greece with substantial development activity in the United States and in other countries. For more information, visit
About Riverstone Holdings LLC
Founded in 2000, Riverstone Holdings LLC is an energy and power-focused private equity firm with $23 billion of equity capital raised across seven investment funds and co-investments, including the world's largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $19.6 billion to 91 investments in North America, Latin America, Africa, Europe and Asia. For more information, visit
About The AES Corporation
The AES Corporation (NYSE: AES) is a Fortune 200 global power company. It provides affordable, sustainable energy to 27 countries through its diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Its workforce of 27,000 people is committed to operational excellence and meeting the world's changing power needs. 2011 revenues were $17 billion, and AES owns and manages $45 billion in total assets. To learn more, please visit
The AES Corporation 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, AES’ accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at AES distribution companies and operational performance at AES 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.