The AES Corporation (NYSE:AES) announced today that it closed the previously disclosed sale of its entire equity interest in all three businesses in Cameroon to pan-emerging market investor Actis ( www.act.is). AES has sold its interest in these three businesses for $202 million, net of closing price adjustments. The Company received $162 million at closing and consistent with the sale agreement, the remaining non-contingent $40 million will be received in June 2016.
AES entered Cameroon in 2001 through the privatization of AES SONEL, the country’s only integrated utility, which currently serves approximately 800,000 customers and provides 933 MW of generation. Dibamba and Kribi represent the country’s first two IPPs – an 86 MW heavy fuel oil-fired plant and a 216 MW gas-fired plant – which AES developed and constructed along with the Republic of Cameroon and which became operational in 2009 and 2013, respectively. In 2013 AES-SONEL received the Edison Electric Institute’s (EEI’s) prestigious International Edison Award in recognition of the achievements made under its investment program from 2001 to 2012, including a near doubling of the number of families with access to electricity.
The AES Corporation (NYSE:AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 21 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 22,000 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.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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV