AES Accomplishes 2019 Strategic and Financial Goals by Fast-tracking Green Push

The AES Corporation has conveyed its financial results for the year ended December 31, 2019, appealing to have met all its strategic and financial goals for the final year by fast-tracking its green energy push.

“In 2019, we achieved our strategic and financial goals, laying the foundation for strong growth in the coming decade,” said Andrés Gluski, AES President and Chief Executive Officer. “We are leading the global energy transition by completing 2.2 GW of new projects, adding 2.8 GW to our backlog, and expanding our LNG infrastructure in the Dominican Republic, Panama and Vietnam. At the same time, we are delivering innovative energy solutions through Fluence, Uplight, and a strategic partnership with Google. As a result, today we are announcing that we are accelerating our decarbonization goals for the Company and will aim to reduce our coal-fired generation to below 30 percent of total MWh by year-end 2020 and to less than 10 percent by 2030.”

“I am very pleased with our strong financial performance in 2019: delivering once again on all key metrics while attaining an investment-grade rating for the first time in our history,” said Gustavo Pimenta, AES Executive Vice President and Chief Financial Officer. “With our 2019 results, we are confident in reaffirming our expected 7 to 9 percent average annual growth in Adjusted EPS and Parent Free Cash Flow through 2022.”

The firm has stated that it is leading the industry’s transition to clean energy by investing in sustainable growth and innovative solutions while delivering superior results by taking advantage of favorable trends in clean power generation, transmission and distribution, and LNG infrastructure to grow the profitability of its business.

Key Highlights:

In 2019, the Company signed 2,798 MW of renewables under long-term Power Purchase Agreements (PPA):

1,130 MW of solar and solar plus storage in the U.S., including:

• 665 MW at sPower
• 365 MW at AES Distributed Energy,
• 884 MW of wind and solar at AES Gener in Chile and Colombia,
• 434 MW of wind and solar in Mexico, the Dominican Republic, and Panama,
• 331 MW of wind and solar at AES Tiete in Brazil.

As of December 31, 2019, the Company’s backlog of 6,144 MW includes:

• 3,008 MW under construction and expected on-line through 2021,
• 3,136 MW of renewables signed under long-term PPAs.

In 2019, the Company completed construction of 2,181 MW of new projects, including:

• 1,320 MW OPGC 2 plant in India,
• 555 MW of solar and energy storage globally,
• 306 MW Mesa La Paz wind project in Mexico.

Furthermore, the company has also added that its joint venture with Siemens, Fluence, is the global leader in the fast-growing energy storage market, which is expected to increase by 15 to 20 GW annually, The JV has been awarded or delivered 1.7 GW of projects, including 961 MW awarded in 2019.