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AES Wind Generation Announces Commercial Operation of Armenia Mountain Wind Farm, U.S.

^{Published on 2010-01-04 17:00:36 - Market Wire}
 

ARLINGTON, Va.--([ BUSINESS WIRE ])--AES Wind Generation, a wholly-owned subsidiary of The AES Corporation (NYSE: AES), announced the start of commercial operation for its 101 MW Armenia Mountain wind farm in Pennsylvania, one of the commonwealth's largest. Located in north central region of Pennsylvania in Tioga and Bradford Counties, the wind farm is comprised of 67 1.5 MW GE SLE wind turbines.

"Armenia Mountain is our first wind project in PJM Interconnection, which we continue to see as an important market in our U.S. strategy. We look forward to developing new projects in the region."

Marty Crotty, President of AES Wind Generation, said, "Armenia Mountain is our first wind project in PJM Interconnection, which we continue to see as an important market in our U.S. strategy. We look forward to developing new projects in the region."

Power generated by the Armenia Mountain wind farm will be sold to Delmarva Power & Light and the Old Dominion Electric Cooperative. Each of the investment-grade off takers has contracted to purchase 50 percent of the output under separate 15-year power purchase agreements. AES Wind Generation developed, owns and operates the Armenia Mountain wind farm. RES Americas Construction served as the construction contractor.

This year AES Wind Generation's global operating capacity increased by 166 MW to 1,447 MW, including Armenia Mountain and wind farms in China and France. In 2009, AES brought a total of 995 MW of thermal and renewable projects on-line in Cameroon, Chile, China, France, Jordan, Northern Ireland and the United States. AES also has projects in construction in Bulgaria, Chile, China, France, Greece, Panama, Scotland and Turkey.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global power company with generation and distribution businesses. Through our diverse portfolio of thermal and renewable fuel sources, we safely provide affordable and sustainable energy in 29 countries. Our workforce of 25,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2008 revenues were $16 billion and we own and manage $35 billion in total assets. BusinessWeek named AES to its 2009 "BW 50 Best Performers" list. To learn more, please visit [ www.aes.com ].

Safe Harbor Disclosure

This press release contains forward-looking statements within the meaning of the Securities Act and of the Exchange Act. 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' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to accurate projections of future interest rates, commodity prices and foreign currency pricing, continued normal or better levels of operating performance and electricity demand 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 from investments at 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' filings with the Securities and Exchange Commission including but not limited to the risks discussed under Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, as well as our other SEC filings. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.