AES Announces $1 Billion Renewable Energy Investments

Through the creation of an alternative energy business group, the AES Corp. said it intends to expand its businesses in wind power generation, biomass and the development of LNG terminals. AES will invest approximately $1 billion over the next three years to expand the company’s alternative energy business and offer new projects and technologies.

AES said it will invest in the commercial development of projects and technologies that directly reduce greenhouse gas (GHG) emissions or create emission offsets under the Clean Development Mechanism of the Kyoto Protocol. Since October 2005, according to the company, it has already committed to $100 million in investments, which will generate carbon reduction credits totaling more than 17 million tons through 2012. AES’s strategic partnerships with Los Alamos National Laboratory and XL TechGroup — an architect and builder of high value new businesses, primarily in the ecotech, biotech and medtech fields – give AES the opportunity to develop and commercialize proprietary renewable energy-related technologies developed by these entities. AES said it is evaluating future investments in other sources of renewable energy such as solar power and wave technologies. It is also evaluating future investments in non-electric business lines such as ethanol, biodiesel, methane capture and conversion projects, synthetic fuels and new technologies to reduce greenhouse gas emissions. “AES is committed to meeting a developing market need for new energy resources and technologies that will lead to a secure and sustainable energy future,” said AES President and Chief Executive Officer Paul Hanrahan. “With 25 years of experience in energy and a presence in virtually every region of the world, AES will play a leading role in this rapidly growing segment of the energy industry.” William Luraschi, AES Executive Vice President, Business Development, will lead AES’s alternative energy group. “Global energy consumption is expected to more than double by 2025,” Luraschi said. “We believe that traditional ways of producing energy alone will not meet this demand, due to rising production and transportation costs, energy security issues and the growing recognition of environmental impacts. That leaves an enormous opportunity for alternative sources of energy to fulfill a large part of this growing demand,” Luraschi said.
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