Press Release |
AES Adds 170 MW to Buffalo Gap Wind Farm
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Texas Wind Platform Now at 524 MW ARLINGTON, Va.--(Business Wire)-- The AES Corporation (NYSE:AES) announced the start of commercial operation of the 170 MW Buffalo Gap 3 wind farm expansion near Abilene, Texas. This addition brings the Buffalo Gap wind farm to a total wind generation capacity of 524 MW. Under a seven-year power purchase agreement, AES will sell all of the electricity Buffalo Gap 3 produces to Texas retail electric provider Direct Energy. Similar agreements were struck between AES and Direct Energy for Buffalo Gap and Buffalo Gap 2 wind farms. Financial terms of the projects were not disclosed. "With the start of commercial operation of Buffalo Gap 3 AES is expanding one of the largest wind farms in Texas," said Marty Crotty, President, AES Wind Generation. "AES is committed to help meet the growing demand for wind power as part of our corporate strategy to provide sustainable and affordable energy." According to the American Wind Energy Association, Texas leads the country in developing wind generation, with 5,604 MW in operation. Wind farms in the US now generate more electricity than in any other nation in the world and are on track to expand by over 45 percent this year. In May 2008, the US Department of Energy projected that the US could source 20 percent of its electricity needs from wind generation by 2030. In 2007 AES was one of the fastest growing wind developers in the US. Today AES has more than 1,000 MW of wind projects in operation in the US and 6,000 MW of wind projects in various stages of development throughout the world. In July, 2008 AES expanded its China wind portfolio by announcing two 49.5 MW wind farm projects with Guohua Energy Investment Co, Ltd. About AES AES is one of the world's largest global power companies, with 2007 revenues of USD 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 15 regulated utilities amass annual sales of over 78,000 GWh and our 124 generation facilities have the capacity to generate more than 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 email@example.com. 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. AES Corporation Media Contacts: Robin Pence, 703-682-6552 or Meghan Dotter, 703-682-6670 or Investor Contact: Ahmed Pasha, 703-682-6451 Copyright Business Wire 2008