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The AES Corporation (NYSE: AES) is a Fortune 500 global energy company dedicated to accelerating the future of energy. Operating in 15 countries, AES serves more than 2.5 million customers with its diverse portfolio, including over 35 gigawatts of generation capacity, spanning renewable energy (53%), gas (27%), coal (18%), and oil (2%). With a workforce of 18,500 people, AES focuses on delivering affordable, sustainable energy solutions to meet the world's evolving power needs. The company has achieved significant milestones, including signing new contracts for 5.6 GW of renewables in 2023 and completing the construction of 3.5 GW of renewable projects the same year. AES's financial performance is robust, with 2023 revenues of $12.7 billion and adjusted EBITDA of $2.8 billion. Recent strategic moves include the sale of its 47.3% equity interest in AES Brasil for approximately $640 million and a $950 million issuance of green notes to fund eligible green projects. AES continues to solidify its position as a leader in providing smarter, greener energy solutions through innovation, operational excellence, and strategic partnerships. For more information, visit www.aes.com.
On October 27, 2021, Fluence Energy, Inc. announced its initial public offering (IPO) pricing, valuing the company at approximately $4.7 billion. A joint venture between AES and Siemens, Fluence aims to enhance energy storage technology globally. The shares are set to trade on Nasdaq under the ticker symbol FLNC beginning October 28, 2021, with the offering closing on November 1, 2021. Upon completion, AES will hold a nearly 35% economic interest in Fluence.
AES Ohio, a subsidiary of The AES Corporation, celebrated the opening of its Smart Operations Center in Dayton, Ohio, on October 26, 2021. This state-of-the-art facility aims to enhance efficiency in electric operations and promote innovative energy solutions across the U.S. The center integrates key performance and remote operations capabilities and is part of AES' commitment to sustainable energy and digital transformation. With over 527,000 customers served in West Central Ohio, AES Ohio remains a leading provider in the region.
The AES Corporation (NYSE: AES) has declared a quarterly common stock dividend of $0.1505 per share. The dividend will be payable on November 15, 2021 to shareholders recorded as of the close of business on November 2, 2021. This announcement reflects AES's commitment to returning value to its shareholders while continuing to focus on energy solutions. Additional details about dividend payments and tax treatment can be accessed on AES's official website.
The AES Corporation (NYSE: AES) has partnered with Google to launch Nest Renew, a service for Nest thermostats. This initiative aims to enhance energy efficiency and support customers' clean energy goals through AES's utilities, AES Indiana and AES Ohio. Nest Renew will allow users to prioritize clean energy use and track their environmental impact, with Nest Renew Premium offering renewable energy credits from US wind and solar projects. This collaboration is part of a 10-year strategic alliance aimed at innovating energy management and decarbonization efforts.
The AES Corporation (NYSE: AES) has scheduled a conference call to discuss its third quarter 2021 financial results on November 4, 2021, at 9:00 AM EDT. This call will include prepared remarks and a Q&A session, accessible to the public via telephone or webcast. Interested participants can dial in starting at 8:50 AM EDT using the access code 171597. A replay of the call will be available on the company's website shortly after the event.
On September 28, 2021, Fluence, a joint venture of The AES Corporation and Siemens, filed a registration statement for an initial public offering (IPO) of its Class A common stock with the SEC. The stock is expected to be listed on the Nasdaq under the symbol FLNC. The specific number of shares and price range are yet to be determined. Until the registration becomes effective, no shares can be sold or offered. This strategic move aims to bolster Fluence's growth in the energy storage sector.
AES Corporation (NYSE: AES) has appointed Stephen Coughlin as its new Executive Vice President and Chief Financial Officer, effective October 15, 2021. Coughlin previously led AES' Corporate Strategy and Financial Planning groups, and served as CEO of Fluence, AES' energy storage joint venture with Siemens. He succeeds Gustavo Pimenta, who is set to join Vale S.A. as CFO. Coughlin's extensive clean energy and finance experience is expected to contribute significantly to AES' leadership team, enhancing its strategic goals in renewables and energy storage.
The AES Corporation (NYSE: AES) has acquired a 49.9% stake in AES Colón from Inversiones Bahia, Ltd., increasing its ownership to 100%. AES Colón operates a 381 MW LNG-fired power plant and an LNG storage facility. The plant's output is fully contracted until 2028, enhancing AES' commitment to cleaner energy in Panama. This strategic move aims to maximize the value of AES' regional LNG business and integrate new partners into these assets, promising synergies and operational flexibility.
On August 19, 2021, AES selected Borrego to engineer and construct three utility-scale solar projects in Michigan, marking Borrego's entry into the state's clean energy market. The projects, with a total capacity of 72 MW-DC, are set to generate around 104,500 megawatt-hours annually, enough to power over 9,000 households. Ownership will transfer to AES post-completion, with electricity sold to Consumers Energy under a long-term power purchase agreement. This partnership highlights Borrego's ongoing growth and commitment to supporting renewable energy goals in Michigan.
AES reported Q2 2021 financial results, achieving a diluted EPS of $0.03, an increase from $(0.13) in Q2 2020. Adjusted EPS rose to $0.31 compared to $0.25 last year. The company secured regulatory approvals for over $2 billion in new investments, aiming for a 9% annual growth rate through 2025. AES signed 1.8 GW of new renewable energy PPAs, expanding its backlog to 8.5 GW. The coal generation target is set to under 10% by 2025, following the retirement of 1.1 GW of coal capacity. Moody's revised AES' Ba1 rating outlook to positive, reflecting financial improvement.
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