AES Corporation - AES STOCK NEWS

AES (NYSE: AES) has announced the pricing of $500 million aggregate principal amount of 6.950% fixed-to-fixed reset rate junior subordinated notes due 2055. The offering is expected to close on December 6, 2024, subject to customary conditions. The company plans to use the net proceeds to repay existing indebtedness, including borrowings under its revolving senior credit facility, and for general corporate purposes. The offering is being managed by J.P. Morgan Securities, Wells Fargo Securities, Morgan Stanley & Co., and Credit Agricole Securities as joint book-running managers.

AES (NYSE: AES) has announced its intention to conduct a registered public offering of fixed-to-fixed reset rate junior subordinated notes. The company plans to use the net proceeds to repay existing debt, including borrowings under its senior credit facility's revolving facility, and for general corporate purposes. J.P. Morgan Securities, Wells Fargo Securities, Morgan Stanley, and Credit Agricole Securities are serving as joint book-running managers for the offering.

AM Best has affirmed the A (Excellent) Financial Strength Rating and 'a' (Excellent) Long-Term Issuer Credit Rating of AES Global Insurance Company (AGIC) with a stable outlook. The ratings reflect AGIC's very strong balance sheet, strong operating performance, and appropriate risk management. As a single-parent captive for The AES [NYSE: AES], AGIC demonstrates favorable underwriting results and low expense structure while serving as an integral part of AES's risk management framework. The ratings acknowledge AGIC's strategic importance to AES, a Fortune 500 global energy company operating in generation, distribution, and energy storage.

AES reported Q3 2024 financial results with GAAP Diluted EPS of $0.72, up from $0.32 in Q3 2023, and Adjusted EPS of $0.71, compared to $0.60 last year. The company completed 1.2 GW of construction and secured 2.2 GW of new contracts, including renewables PPAs and data center load growth. Net Income was $210 million, down from $291 million in Q3 2023. AES reaffirmed its 2024 guidance, expecting Adjusted EPS in the upper half of $1.87-$1.97 range and Adjusted EBITDA towards the low end of $2,600-$2,900 million due to extreme weather in Colombia and lower Energy Infrastructure margins.

The AES (NYSE: AES) has announced its quarterly common stock dividend. The Board of Directors has declared a dividend of $0.1725 per share, which will be payable on November 15, 2024. Shareholders of record at the close of business on November 1, 2024 will be eligible for this dividend.

For additional information regarding dividends paid by AES, including tax treatment, investors can visit the company's website at www.aes.com. The relevant information can be found by navigating to the 'Investors' section, then 'Stock Information', and finally 'Dividend History'.

The AES (NYSE: AES) will hold a conference call on Friday, November 1, 2024, at 9:00 a.m. ET to review its third quarter 2024 financial results. The call will feature prepared remarks and a Q&A session, and it will be open to the media and public in a listen-only mode via telephone and webcast. To join the teleconference, dial 1-833-470-1428 (international callers: +1-404-975-4839) at least ten minutes before the start, using the Participant Access Code 132288. Access to the call and presentation materials will be available on the AES website under 'Investors' then 'Presentations and Webcasts'. A webcast replay will be accessible shortly after the call's completion on the AES website.

AES has announced a strategic partnership with CDPQ, selling a 30% indirect equity interest in AES Ohio for approximately US$546 million. This expands their existing partnership at AES Indiana, creating a similar ownership structure for both utilities. The deal is expected to close in the first half of 2025.

Key points:

• AES Ohio plans to invest over US$1.5 billion from 2024 through 2027 to improve system reliability
• Anticipated compound annual rate base growth in the mid-teens through 2027
• Potential for peak load increase of over 50% by 2030 due to growing data center demand
• CDPQ commits to funding its pro rata share of AES Ohio's near-term capital requirements
• This transaction brings AES's total asset sales to over US$2.7 billion of its US$3.5 billion target for 2023-2027

Mill Creek Renewables (MCR) has announced the start of commercial operations at Great Cove Solar, the largest solar project in Pennsylvania. The 220 MW project spans two solar facilities across 1,600 acres in Franklin and Fulton Counties. With over 485,000 panels, it can generate enough electricity to power approximately 38,060 homes.

The project will supply power to the University of Pennsylvania campus in Philadelphia and the University of Pennsylvania Health System, which operates medical facilities throughout Pennsylvania and New Jersey. MCR expressed gratitude to their client, AES, for the partnership and looks forward to future collaborations with businesses committed to renewable energy.

AES (NYSE: AES) reported strong Q2 2024 financial results, highlighting record sales with data center hyperscalers. Key achievements include:

1. Signing 2.5 GW of new agreements, with 2.2 GW directly with data center customers.
2. Increasing the backlog of signed long-term PPAs to 12.6 GW.
3. Completing 1.6 GW of construction or acquisition year-to-date, on track for 3.6 GW in 2024.

Financial highlights:
- Adjusted EPS of $0.38, up from $0.21 in Q2 2023
- Adjusted EBITDA with Tax Attributes of $843 million, up from $607 million in Q2 2023

AES now expects to achieve the upper half of its 2024 Adjusted EPS guidance range of $1.87 to $1.97 and reaffirms its 7% to 9% annualized growth target through 2027.