Press Release Details

AES Announces Signing of Heads of Terms Agreement at Maritza in Bulgaria

Apr 08, 2015

ARLINGTON, Va.--(BUSINESS WIRE)-- The AES Corporation (NYSE:AES) announced that one of its subsidiaries, AES 3C Maritza East I (Maritza) has signed a Heads of Terms Agreement (HTA) with NEK, the state-owned wholesale power company. Under the framework set forth in the HTA, both parties will endeavor to make certain changes to the Power Purchase Agreement (PPA), under which Maritza sells its output to NEK through 2026 (PPA Term). Maritza and NEK agreed to reduce the capacity payment to Maritza under the PPA by 14 percent through the PPA Term. In exchange, NEK will pay Maritza its full outstanding receivables, which as of March 31, 2015 were approximately $236 million. A binding agreement is expected to be signed by the third quarter of 2015 and is subject to customary regulatory approvals.

“I am pleased to report that we have reached a framework to settle Maritza’s outstanding receivables,” said Andrés Gluski, AES President and Chief Executive Officer. “This agreement is one component of the Government of Bulgaria’s plan to strengthen the liquidity position of Maritza’s offtaker, NEK. It is a win-win proposition that helps to create a sustainable electricity sector.”

The terms of the HTA, once implemented, will have an approximate $0.03 per share annual impact on the Company’s Adjusted EPS, which has been reflected in the Company’s 2015 guidance and expectations through 2018 provided on its fourth quarter earnings call on February 26, 2015.

About AES

The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 18 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 18,500 people is committed to operational excellence and meeting the world’s changing power needs. Our 2014 revenues were $17 billion and we own and manage $39 billion in total assets. To learn more, please visit 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. 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 (the “SEC”), including, but not limited to, the risks discussed under Item 1A “Risk Factors” and Item 7: Management’s Discussion & Analysis in AES’ 2014 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.

Any Stockholder who desires a copy of the Company’s 2014 Annual Report on Form 10-K dated on or about February 25, 2015 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. A copy of the Form 10-K may be obtained by visiting the Company’s website at

Source: The AES Corporation

The AES Corporation


Ahmed Pasha, 703-682-6451



Amy Ackerman, 703-682-6399