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AES unit raises USD 341m in debt for DG projects in US Northeast

Solar array. Author: Som Energia Cooperativa. License: Attribution 2.0 Generic.

February 20 (Renewables Now) - AES Distributed Energy (AES DE), part of US power producer The AES Corporation (NYSE:AES), has agreed USD 341 million (EUR 315.8m) of fresh debt financing for distributed generation projects throughout the Northeast.

AES DE entered into the debt agreement with Silicon Valley Bank (SVB), KeyBank NA and Nomura Holdings Inc (TYO:8604) acting as coordinating lead arrangers. It said in a statement that this is the largest debt facility obtained for a portfolio of community and distributed solar assets in the country.

The AES unit develops solar photovoltaic (PV) and battery energy storage systems (BESS) for utilities, municipalities, corporations, schools and commercial and industrial customers.

“This transaction will fortify AES DE as a dominant market participant in the fast-growing community solar sector spreading throughout the Northeast,” commented Brian Cassutt, AES DE chief financial officer.

(USD 1.0 = EUR 0.926)

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