AES Corp. (AES) to Sell Certain Chinese Assets in $134M Deal
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The AES Corporation (NYSE: AES) has signed two agreements to sell a substantial majority of its businesses in China for $134 million in total aggregate proceeds. Subject to local customary approvals, the transactions are expected to close in H212.
Total gross capacity of the plants to be sold is 2,727 MW, or 717 MW on an ownership-adjusted basis. Once these asset sales are completed, AES’ generation footprint in China will consist of one hydro and one gas-fired plant, which together have a total gross capacity of 75 MW, or 31 MW on an ownership-adjusted basis.
Use of proceeds from asset sales will be evaluated in accordance with AES’ capital allocation policy to maximize total shareholder returns by paying down debt, investing in new businesses and/or repurchasing shares.
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Total gross capacity of the plants to be sold is 2,727 MW, or 717 MW on an ownership-adjusted basis. Once these asset sales are completed, AES’ generation footprint in China will consist of one hydro and one gas-fired plant, which together have a total gross capacity of 75 MW, or 31 MW on an ownership-adjusted basis.
Use of proceeds from asset sales will be evaluated in accordance with AES’ capital allocation policy to maximize total shareholder returns by paying down debt, investing in new businesses and/or repurchasing shares.
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