AES, Riverstone Launch $1B Solar Joint Venture

The AES Corporation (NYSE:AES) and Riverstone Holdings LLC today announced they have committed up to $1 billion as part of a new joint venture to develop utility-scale solar photovoltaic (PV) projects.

AES, one of the world’s largest global power companies, and Riverstone, a New York-based energy and power-focused private equity firm, will each provide up to $500 million of capital over five years to invest in PV solar projects around the world.

The jointly owned entity, to be called AES Solar, aims to develop, own and operate utility-scale solar installations ranging from two megawatts (MW) to 50 MW, to provide grid power.

The business will initially focus on developments and projects in countries offering the most attractive tariffs, according to a release. 

The joint venture will be managed by a seven-member board of directors. Three directors each will be appointed by AES and Riverstone. Robert Hemphill will serve as President and CEO and the seventh member of the board. Mr. Hemphill joined AES in 1981 and has held a series of senior leadership positions, including serving as AES’s Executive Vice President of Global Development. He also served as a member of the AES Board of Directors for seven years.

About AES

AES is one of the world’s largest global power companies, with 2007 revenues of $13.6 billion. With operations in 28 countries on five continents. The company’s 13 regulated utilities amass annual sales of over 78,000 GWh and our 121 generation facilities have the capacity to generate approximately 43,000 megawatts.  

About Riverstone Holdings LLC

Riverstone Holdings LLC is a New York-based energy and power focused private equity firm founded in 2000. Riverstone conducts buyout and growth capital investments in the midstream, upstream, power, oilfield services, and renewable sectors of the energy industry. To date, the firm has committed more than $8 billion to 47 investments across these five sectors, representing companies with nearly $70 billion of assets. For more information, visit www.riverstonellc.com.

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