press-release-details

Press Release Details

AES Announces Agreement to Sell 100% of its Interest in Assets in Turkey for $125 Million

Oct 13, 2014

ARLINGTON, Va.--(BUSINESS WIRE)-- The AES Corporation (NYSE: AES) announced today that it has entered into an agreement to sell its 49.62% equity interest in AES Entek Elektrik Üretimi A.S. (AES Entek), a joint venture with KOÇ HOLDING A.S. and AYGAZ A.S., in Turkey, to its partners. The sale represents 100% of AES’ interest in assets in Turkey, consisting of 364 MW of operating natural gas and hydroelectric facilities and its interest in a coal-fired development project, for $125 million in equity proceeds to AES. Subject to customary regulatory approvals, this transaction is expected to close by the first quarter of 2015.

“With the sale of our Turkish assets, we will have exited nine countries and received proceeds of $2.4 billion from asset sales over the past three years," said Andrés Gluski, AES President and Chief Executive Officer. “In line with our strategy, we have focused on simplifying our portfolio and exiting those markets where we do not have a sustainable competitive advantage. Active portfolio management has allowed us to prepay $1.3 billion in debt and invest $817 million in our shares, while reducing our corporate overhead by one-third, or nearly $200 million. At the same time, we have more megawatts under construction than at any other time in AES’ thirty-three year history.”

About AES

The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 20 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 17,800 people is committed to operational excellence and meeting the world’s changing power needs. Our 2013 revenues were $16 billion and we own and manage $40 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.

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. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions.

Actual results could differ materially from those projected in AES’ forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in the Tender Offer Materials related to the Tender Offers and AES’ filings with the SEC, including, but not limited to, the risks discussed under Item 1A “Risk Factors” and Item 7 “Management’s Discussion & Analysis of Financial Condition and Results of Operations” in AES’ 2013 Annual Report on Form 10-K and in subsequent reports filed with the SEC. 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.

Anyone who desires a copy of AES’ 2013 Annual Report on Form 10-K dated February 26, 2014 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.

Source: The AES Corporation

The AES Corporation

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Ahmed Pasha, 703-682-6451

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