press-release-details

Press Release Details

AES Wind Generation Expands Development Pipeline in Poland to 775 MW

Jun 14, 2010

ARLINGTON, Va., Jun 14, 2010 --The AES Corporation (NYSE: AES), announced today that its wind business has signed an agreement with Jan Reichert (Reichert), a Polish wind developer, to acquire its development pipeline of 353 MW. Through the transaction, AES Wind Generation acquired a 51 percent stake in the pipeline, and will take ownership of up to 90 to 95 percent, pending completion of certain milestones by Reichert. Of the total pipeline, 158 MW of projects are expected to begin construction next year and will require approximately $80 million of AES equity through the end of 2011. Completion of the entire pipeline would require approximately $175 million of AES equity through the end of 2014.

"Increasing our presence in Poland's wind market falls in line with our strategy to pursue high-growth renewable energy markets. With 775 MW in our development pipeline, we are establishing a strong foothold in one of Europe's most attractive markets for wind generation," said Paul Hanrahan, President and Chief Executive Officer of AES.

The Reichert investment builds on AES Wind Generation's recent entry into the Polish wind market through its acquisition of 3E's 422 MW development pipeline, announced in April 2010. With this new investment, AES Wind Generation has a development pipeline totaling 775 MW in Poland. Of AES Wind Generation's global development pipeline of approximately 6,000 MW, nearly one-third of those projects are located in Europe.

Poland has aligned its renewable energy targets with those of the European Commission, with plans to reach 10.4 percent in 2010 and 15 percent in 2020. Today about 90 percent of Poland's generation capacity comes from thermal power, and growth in wind generation is a key part of the country's effort to meet its renewable targets. Poland's current installed base of wind capacity is at 725 MW, and is projected to reach 6,000 MW by 2020. According to the European Commission, Poland is one of the fastest growing economies in the European Union.

AES Wind Generation has 288 MW of wind capacity in operation throughout Europe, and approximately 1,700 MW in operation globally. An additional 50 MW of wind generation capacity is projected to come on-line in China by the end of 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 31 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
Media Contact
Meghan Dotter, 703 682 6670
or
Investor Contact
Ahmed Pasha, 703 682 6451