AES and Riverstone Announce Joint Venture

The AES Corporation and Riverstone Holdings LLC announced that they have committed up to US $1 billion as part of a new joint venture to develop a global platform of utility-scale solar photovoltaic (PV) projects. Under terms of the agreement AES and Riverstone will each provide up to US $500 million of capital over five years to invest in PV projects around the world.

The jointly owned entity, AES Solar, will be a developer, owner and operator of utility-scale, grid-connected solar installations. The installations, ranging from 2 to 50 megawatts (MW) in size, will use land-based solar PV panels that will feed the power grid directly. The joint venture between AES and Riverstone will be managed by a seven-member board of directors.

“Renewable energy is an increasingly significant part of AES’s overall portfolio and currently accounts for 20 percent of our global generation capacity,” said Paul Hanrahan, AES’s CEO. “Solar is a natural extension of our business, much as wind generation has been, and we see tremendous opportunity for growth in this market. We look forward to partnering with Riverstone in this joint venture, to make solar power a viable energy source worldwide.”

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