AES posts solid first quarter with many projects either completed or in the works

Published on May 08, 2020 by Dave Kovaleski

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AES Corp. had a solid first quarter of 2020 with the completion of several major new projects with many more in the works.

Among the energy company’s strategic accomplishments, it completed construction of 1.4 GW of new projects, including the 1.3 GW Southland Repowering project in Southern California, the 100 MW Vientos Bonaerenses wind facility in Argentina, and 10 MW of solar and solar plus storage in the US at AES Distributed Energy.

Also, the company signed 685 MW of renewable projects under long-term Power Purchase Agreements, including 522 MW of wind and solar at AES Gener in Chile, 108 MW of energy storage, solar, and solar plus storage in the United States, and 55 MW of wind in Panama.

Further, AES has 1,764 MW of projects under construction and expected on-line through 2021 and
3,581 MW of renewables signed under long-term PPAs. Also, through its joint venture with Siemens, Fluence, energy storage is expected to increase by 15 to 20 GW annually. Fluence has been awarded 32 MW of projects this year, bringing its total backlog to 1.3 GW.

“I am very proud of the work we are doing around the world to keep our people, customers, and communities safe while continuing to provide reliable and affordable energy solutions,” Andrés Gluski, AES president and CEO. said. “Although COVID-19 will have a modest near-term impact on our 2020 earnings, we are in the strongest financial position in our company’s history. Therefore, we are reaffirming our 7% to 9% average annual growth target for Adjusted EPS and Parent Free Cash Flow through 2022. Year-to-date, we achieved critical milestones on our backlog, including completing 1.4 GW of new projects and signing long-term contracts for 685 MW of renewable generation.”

The company reported adjusted earnings per share of $0.29 in the quarter, up slightly from $0.28 in the first quarter of 2019.