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Expanding Solar Power for Energy

Posted on 19 November 2012

AES Solar recently announced the financing of solar photovoltaic power plants that total $752 million. Among the plants included in this deal are three power plants in France that total 22.4 megawatts and a 226 megawatt solar photovoltaic power plant in California. Additionally, a corporate revolving credit facility rounds out the deal.

The completion of these financings places AES Solar among the largest operators and owners of utility-scale solar energy plants. Globally, the corporation’s portfolio now encompasses over 500 operational megawatts in seven different countries.

In mid-November, AES Solar began construction on its Mount Signal Solar project in Imperial County, California after the project’s finances were settled. The proposed 226 megawatt solar photovoltaic generating power plant is expected to be functional by early 2014. Its output energy will be sold to San Diego Gas & Electric Company as part of a long-term agreement.

“We are pleased to have begun construction of this important solar project. It is the first of several that we look forward to developing in the Imperial Valley,” Bob Hemphill, CEO of AES Solar, said in a statement. “This project doubles the size of our company’s portfolio and will provide electricity to over 65,000 homes in California.”

Sources: virginiabusiness.com, benzinga.com

AES Solar is a joint venture of AES Corporation (based in Arlington, VA) and Riverstone Holdings LLC. The mission of the AES Corporation is to provide energy solutions that are sustainable, safe and reliable in each serving market. The corporation is headed by President and Chief Executive Officer Andre R. Gluski.

Riverstone Holdings LLC is a private equity firm focused in the energy and power sectors. Founded in 2000 by Pierre Lapeyer, Jr. and David Leuschen, Riverstone has since committed $19.6 billion to 91 investments globally.

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