The AES Corporation : AES Sells 100% of its Interests in French Wind Assets
06/28/2012| 05:10pm US/Eastern
The AES Corporation (NYSE: AES) announced today that it closed the sale
of its interests in wind generation assets in France for approximately
?34 million (US$ 42 million) to Boralex Europe S.A. Through its
subsidiary AES Southern Europe Holdings, B.V., AES sold the 34.5 MW St.
Patrick wind farm and its minority share of InnoVent SAS, which controls
114 MW of wind assets in operation and under construction. On a
proportional basis, the transaction represents 73 MW of generation
"The sale of our French wind assets fits our strategy to exit some
markets in order to focus on those where we can sustain a competitive
advantage," said Andrés Gluski, AES President and Chief Executive
Officer. "Despite the difficult macroeconomic environment, we are
continuing to execute on our plan to create shareholder value."
The use of proceeds will be evaluated in accordance with AES' capital
allocation policy to maximize total shareholder returns by paying down
debt, investing in new businesses or repurchasing shares. These assets
contributed approximately $3.5 million of net income to AES in 2011.
With total expected proceeds of approximately $42 million, the implied
P/E multiple for this transaction is 12 times 2011 earnings.
The AES Corporation (NYSE: AES) is a Fortune 200 global power company.
We provide affordable, sustainable energy to 27 countries through our
diverse portfolio of distribution businesses as well as thermal and
renewable generation facilities. Our workforce of 27,000 people is
committed to operational excellence and meeting the world's changing
power needs. Our 2011 revenues were $17 billion and we own and manage
$45 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
Actual results could differ materially from those projected in our
forward-looking statements due to risks, uncertainties and other
factors. Important factors that could affect actual results are
discussed in AES' filings with the Securities and Exchange Commission,
including, but not limited to, the risks discussed under Item 1A "Risk
Factors" in AES' 2011 Annual Report on Form 10-K. Readers are encouraged
to read AES' filings to learn more about the risk factors associated
with AES' business. AES undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Any Stockholder who desires a copy of the Company's 2011 Annual Report
on Form 10-K dated on or about February 24, 2012 with the SEC may obtain
a copy (excluding Exhibits) without charge by addressing a request to
the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson
Boulevard, Arlington, Virginia 22203. Exhibits also may be requested,
but a charge equal to the reproduction cost thereof will be made. A copy
of the Form 10-K may be obtained by visiting the Company's website at www.aes.com.
The AES Corporation
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