AES Forms US Solar Buyer Consortium with Leading Solar Companies to Invest More Than $6 Billion on Solar Panels to Scale-Up Domestic Solar Manufacturing
AES Corporation (NYSE: AES), in coalition with major US solar developers including Clearway Energy Group, Cypress Creek Renewables, and D.E. Shaw Renewable Investments, has established the US Solar Buyer Consortium. This initiative aims to bolster the domestic solar supply chain through a commitment to purchase over $6 billion worth of solar panels, targeting the procurement of up to 7 GW of solar modules annually starting in 2024. AES's current solar project backlog includes 3.4 GW of new projects from 2022 to 2025, part of a total 10.3 GW backlog across various technologies.
- Formation of the US Solar Buyer Consortium to enhance domestic solar manufacturing.
- Commitment to purchase over $6 billion in solar panels, indicating strong market demand.
- Large backlog of solar projects (10.3 GW), with 3.4 GW expected to come online from 2022 to 2025.
- Successful contracts for 5 GW of power purchase agreements in renewable energy.
- None.
ARLINGTON, Va., June 21, 2022 /PRNewswire/ -- The AES Corporation (NYSE: AES) with leading US solar companies, Clearway Energy Group (Clearway), Cypress Creek Renewables and D.E. Shaw Renewable Investments (DESRI), today announced the formation of the US Solar Buyer Consortium to drive expansion of the domestic solar supply chain and support the growth of the American solar industry.
The US Solar Buyer Consortium is committed to purchasing more than
AES has a large backlog of solar projects in the US, including 3.4 GW of new projects coming online from 2022 to 2025, out of a total backlog of 10.3 GW across all geographies and technologies. In 2021, AES signed contracts for 5 GW of power purchase agreements (PPAs) for renewable energy, including 1.4 GW for US solar projects. AES also completed more agreements with corporate customers than anyone else in the world in 2021, driven in part by products such as 24/7 carbon-free energy, which provides renewable energy around-the-clock to customers including Microsoft, Amazon, and Google1. The company has a 59 GW development pipeline of which
"With our large and growing pipeline of solar projects, AES is fully committed to accelerating America's transition to clean energy," said Andrés Gluski, AES President and CEO. "Today, some of America's top solar developers have come together to do our part to help attract investments into US solar manufacturing. It is crucial, however, that the US Government creates a realistic, long-term policy framework that supports onshoring more of our solar panel supply chain without unnecessarily disrupting the growth and success of our sector."
With the needed policies in place to facilitate continued growth and the clean energy resolve from organizations of all kinds, the solar industry has the potential to provide 40 percent of the nation's energy and employ as many as 1.5 million people in high-quality jobs by 2035.
1 According to Bloomberg New Energy Finance
2 Total development pipeline for all technologies as of January 2022
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, click here.
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