AES Corporation - AES STOCK NEWS

AES Corporation (NYSE: AES) announced the pricing of its offering of 10,000,000 Equity Units, raising approximately $1 billion. The offering, part of its existing shelf registration, includes 1,000,000 shares of 0% Series A Convertible Preferred Stock and contracts to purchase common stock. The purchase contracts are set to settle on February 15, 2024. The gross proceeds will support the company's renewable energy initiatives and other developments. The underwriters have a 1,500,000-unit over-allotment option. This offering is expected to close on March 11, 2021.

The AES Corporation (NYSE: AES) announced a public offering of 10 million Equity Units, each priced at $100. The offering includes 1 million shares of Series A Cumulative Perpetual Convertible Preferred Stock with a liquidation preference of $1 billion and contracts to buy common stock. The expected delivery date is February 15, 2024. Proceeds will support AES's renewables and utility businesses. The underwriters may purchase an additional 1.5 million Units to cover over-allotments.

AES Corporation has raised its renewable energy growth target by 40%, aiming for 3-4 GW of long-term PPAs annually through 2025. The company plans to reduce coal generation to below 10% by 2025 and achieve net-zero carbon emissions from electricity sales by 2040. AES maintains an average annual growth target of 7-9% for Adjusted EPS and Parent Free Cash Flow, supported by significant investments in renewables and US utilities. Key developments include a $1.5 billion valuation for Uplight and a feasibility study for a green hydrogen project in Chile.

AES Indiana has announced a partnership with Motor to boost electric vehicle (EV) adoption in Indiana. This initiative aims to simplify the EV charging process and reduce rates for all customers, including those without electric cars. AES Indiana plans to implement a new charging rate and offer incentives for EV owners. The collaboration will enhance the customer experience through a digital platform that facilitates EV subscriptions, purchases, and community sharing solutions. This partnership is designed to provide economic and environmental benefits while supporting a greener energy transition.

AES Corporation (NYSE: AES) announced the resignation of Jeffrey Ubben from its Board of Directors, effective March 1, 2021. Ubben served on the board since January 2018 and played a key role during AES' transformation towards sustainability and renewable energy. His resignation is attributed to his new role on ExxonMobil's Board of Directors. AES leadership expressed gratitude for Ubben's contributions and remains focused on accelerating energy transition and innovation.

The AES Corporation reported its financial results for 2020, achieving a diluted EPS of $0.06, down from $0.45 in 2019. However, the adjusted EPS rose to $1.44, surpassing the previous year's $1.36. The company signed new PPAs for 3 GW of renewables, increasing its backlog to 6.9 GW. Notably, it reduced coal generation to 25% of total generation. For 2021, AES anticipates an adjusted EPS between $1.50 and $1.58. The company focuses on sustainable solutions, maintaining its leading position in the energy storage market through Fluence.

The AES Corporation (NYSE: AES) announced the closure of $154.2 million in non-recourse debt financing for the Luna Storage project, a 400-megawatt hour lithium-ion battery storage initiative in Lancaster, California. This financing, one of the largest for standalone battery storage, was facilitated by KeyBanc Capital Markets and others. The project is set to help integrate renewable energy into the grid, ensuring greater reliability for Clean Power Alliance customers. The Luna Storage facility expects to start operations later in 2021.