“The Philippines continues to experience robust economic growth, resulting in increasing demand for energy, which creates a great opportunity for companies like AES and EGCO to meet these needs by providing safe, reliable and affordable energy,” said Scott Kicker, President of AES’ Asia SBU. “With this strategic partnership, we look forward to pursuing growth opportunities that will help meet the country’s growing demand for energy.”
This transaction is expected to close in the third quarter of 2014. AES expects to invest the proceeds, after any closing price adjustments, in a credit neutral manner consistent with its capital allocation framework. The transaction is expected to be earnings neutral in 2014 and beyond.
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.About EGCO Group EGCO (SET: EGCO) is the first independent power producer in Thailand and is listed on the Stock Exchange of Thailand. EGCO Group provides power generation and related energy services in Thailand, the Philippines, Laos, Indonesia and Australia. EGCO Group has established itself as one of Southeast Asia's premier independent power companies. Its 2013 revenues were $584 million and they own and manage $4 billion in total assets. For more information on EGCO Group, please visit www.egco.com. 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.