press-release-details

Press Release Details

AES Enters Agreement to Sell Its Equity Interest in Qatar Business

Apr 26, 2010

ARLINGTON, Va., Apr 26, 2010 --The AES Corporation (NYSE: AES) announced today that it has entered into agreements to sell its equity interest in its Qatar business, Ras Laffan, to its current partner there, the Qatar Electricity and Water Company. AES has owned a 55 percent equity interest in the Ras Laffan project, which consists of a 756 MW combined cycle gas plant and a 40 MIGD (Million Imperial Gallons per Day) desalination facility, since 2003. Ras Laffan has a 25-year power and water purchase agreement with the Qatar General Electricity and Water Corporation, which expires in 2029. Through this transaction, AES is also selling its interest in an associated operations company, and its rights under a related technical service agreement.

Paul Hanrahan, AES President and Chief Executive Officer, stated, "We've been proud of the performance of Ras Laffan, one of the first Independent Power Producers in Qatar, and are pleased to have reached an agreement with our partner, the Qatar Electricity and Water Company."

The transaction is subject to customary purchase price adjustments and approvals, and is expected to close during the second half of 2010. AES will provide an update on the transaction during the Q1 2010 earnings call, which is expected to be held in early May 2010.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global power company with generation and distribution businesses. Through our diverse portfolio of thermal and renewable fuel sources, we provide affordable and sustainable energy to 29 countries. Our workforce of 27,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2009 revenues were $14 billion and we own and manage $40 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 experience.

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' 2009 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 2009 Annual Report on Form 10-K filed on or about February 25, 2010 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. Stockholders may also obtain a copy by visiting the Company's website at www.aes.com.

SOURCE: The AES Corporation

The AES Corporation
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