ARLINGTON, Virginia, USA – (BUSINESS WIRE) – AES Wind Generation, a wholly owned subsidiary of AES Corporation (NYSE: AES) today announced the acquisition of UK wind farm developer Your Energy Ltd (YEL) announced. In addition, AES Wind Generation has signed an agreement to acquire a 51 percent stake in the wind portfolio of Polish wind farm developer 3E. Overall, the European pipeline of AES Wind Generation with these investments by more than 700 MW and will require expanded over the next five years the use of AES-equity of 400 million U.S. dollars. Of this amount, AES will invest 120 million U.S. dollars to begin by the end of 2011 with the construction of 200 MW capacity. Meanwhile, AES Wind Generation has announced for the first quarter of 2010 to start commercial operation of three projects in various regions of Europe: St. Patrick, the project with 35 MW, the project Rhins North in Scotland, with 22 MW and the project of St. Nikola in Kavarna, Bulgaria , with 156 MW.
“This transaction follows our strategy to focus on fast-growing markets of renewable energies to create and expand the portfolio of AES Wind Generation in the UK and Poland. With capacities of 200 MW at an advanced stage of development, these investments contribute to our growth in 2012 and beyond “contributions to Paul Hanrahan, President and CEO, AES.
The EU directive on renewable energy sources by 2009 committed Britain and Poland, covering 2020 to 15 percent of their energy from renewable energy sources. Wind energy is expected to play an important role to play in fulfilling this policy. Britain is expected to bring additional wind capacity by 2020 from 20 GW to the grid in order to reach the European target can, while Poland has planned to provide a further 6 GW. These estimates were in Europe Wind Energy Market Forecast Update, 4 Quarter of 2009, by Emerging Energy Research publishes.
The acquisition of YEL includes a development pipeline of over 300 MW. As part of this capacity plans AES Wind Generation to the start of construction of plants with 48 MW by the end of 2010. The YEL acquisition underscores the commitment of AES Wind Generation in the UK, where the company doubled its development portfolio in practice. The expansion follows the completion of the UK’s first wind farm project of AES Wind Generation, the 22-MW wind farm in North Rhins, Scotland, which is operated commercially since January this year.
The agreement with 3E marks the entry of AES Wind Generation in the Polish wind energy market. The contract provides for the acquisition of a 51 percent participation by AES Wind Generation on the 3E-development pipeline of 422 MW. AES Wind Generation expects the current year 2010 with the construction of plants with a total of 34 MW. For the year 2011, the construction of facilities is planned, with 120 MW.
In Bulgaria, AES Wind Generation in March, the commercial operation of Kavarna wind power project has started with 156 MW – the largest of this country – while France went into the project with St. Patrick 34.5 MW to the grid. AES has developed the wind energy project in Bulgaria in a short time and will benefit from his knowledge of the regional energy market, acquired during the construction of the 670-MW coal power plant Maritza, which is expected to start its commercial operation in late 2010.
AES Wind Generation operates wind turbines with a total capacity of 1,700 MW worldwide. Another 99 MW will go to the end of 2010 in China to the grid. Earlier this year, AES Wind Generation had already taken the 101-MW project in Armenia Mountain, Pennsylvania in operation. The development pipeline currently includes about 6,000 MW of capacity in Asia, Europe and North America. A week earlier, AES Solar Energy Ltd. the financial statements for an 43-MW project in Italy announced that will double its solar energy capacity more than.
Source: Businesswire
