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AES Subsidiary Secures Financing for 22 MW North Rhins Wind Farm in Scotland

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^{Published in Business and Finance on Tuesday, December 23rd 2008 at 6:35 GMT, Last Modified on 2008-12-23 06:36:47 by Market Wire}  

ARLINGTON, Va.--([ BUSINESS WIRE ])--The AES Corporation (NYSE:AES) today announced that its wholly-owned subsidiary, Wind Energy (North Rhins), Limited, secured £35.1 million in long-term financing to construct and operate the 22 MW North Rhins wind farm in Scotland, UK. The £35.1 million facility is a non-recourse senior project construction and term loan from Barclays Commercial Bank. The loan is repayable over 15 years from the start of commercial operation, which is scheduled for October 2009.

The wind farm, located near the village of Portpatrick, will consist of 11 Vestas turbines and will sell wholesale power, Levy Exemption Certificates (LECs) and Renewable Obligation Certificates (ROCs) under a 15 year Power Purchase Agreement (PPA) with E.ON UK plc.

"The North Rhins project is AES's first wind power project in the UK, and underscores our commitment to provide sustainable and affordable power in Scotland. Our ability to secure funding demonstrates that financial markets are open to well-structured renewable projects," said Marty Crotty, President, AES Wind Generation.

"Barclays Commercial Bank is delighted to have transacted this deal in partnership with AES. We remain committed to funding good projects in the sector; particularly where the risk and reward balance is optimal and where our lending activity supports the wider client relationship. Our financing of the North Rhins project for AES exemplifies this approach," said Gareth Miller, Head of Barclays Renewables & Natural Resources Project Finance team.

AES has more than 1,000 MW of wind capacity in operation globally and recently secured financing for the St. Nikolas at Kavarna wind project through its subsidiary in Bulgaria, AES Geo Energy. In the UK, AES owns the 520 MW Kilroot oil/coal fired plant in Northern Ireland, and maintains its main development office for Europe, CIS and Africa in London.

About AES

AES is one of the world's largest global power companies, with 2007 revenues of $13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. Our 14 regulated utilities amass annual sales of approximately 76,000 GWh and our 124 generation facilities have the capacity to generate approximately 43,000 megawatts. Our global workforce of 28,000 people is committed to operational excellence and meeting the world's growing power needs. To learn more about AES, please visit [ www.aes.com ] or contact AES media relations at [ media@aes.com ].

About Barclays Commercial Bank

Barclays Commercial Bank provides relationship banking to 81,000 business customers in the UK (£1m to £1bn turnover). Customers are served by a network of relationship and industry sector specialist managers who provide local access to an extensive range of products and services, as well as offering business information and support.

Customers are also offered access to the products and expertise of other businesses in the Group, particularly Barclays Capital and Barclaycard. Barclays Asset & Sales Finance – a specialist business within Barclays Commercial Bank - provides customers with asset based lending and leasing solutions.

For further information, please visit our website: [ www.barclays.co.uk/commercial ]

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's current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, 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's filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A "Risk Factors" in AES's 2007 Annual Report on Form 10-K. Readers are encouraged to read AES's filings to learn more about the risk factors associated with AES's business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.