AES Solar Completes Debt Financings Totaling over $750 Million

  AES Solar Completes Debt Financings Totaling over $750 Million

Business Wire

ARLINGTON, Va. -- November 12, 2012

AES Solar, a joint venture of The AES Corporation (NYSE: AES) and Riverstone
Holdings LLC, announced today that it has completed three financings totaling
$752 million, including a project financing of a 266 megawatt (“MW”) solar
photovoltaic (“PV”) power plant in the United States, a project financing of a
22.4 MW portfolio of three solar PV power plants in France and a corporate
revolving credit facility for AES Solar. AES Solar’s global portfolio now
totals more than 500 MW in operation or construction in seven countries,
making AES Solar one of the world’s largest owners and operators of
utility-scale, solar PV power plants. Note that references to MW are in direct
current ("DC").

Last week, AES Solar completed financing for and began construction of the
Mount Signal Solar project (also known as Imperial Valley Solar 1, or IVS1), a
266 MW utility-scale solar photovoltaic generating plant in Imperial County,
California. The project is expected to be fully operational in early 2014, and
it will sell its output to San Diego Gas & Electric Company pursuant to a
long-term power purchase agreement. Mount Signal Solar was co-developed with
8minutenergy Renewables, LLC (“8minutenergy”) and represents the first of
several fully-permitted projects in Imperial County that AES Solar is pursuing
with 8minutenergy. The financing was structured in two tranches: a $416
million long-term institutional tranche led by Morgan Stanley & Co. LLC and
Citigroup Global Markets, Inc. as Joint Lead Placement Agents and Rabo
Securities USA, Inc. and DNB Markets Inc. as Co-Placement Agents, and a $220
million cash grant loan provided by Morgan Stanley Senior Funding and
Citibank, N.A. Rabobank International and DNB Bank ASA also provided related
letters of credit as part of the project financing.

"We are pleased to have begun construction of this important solar project. It
is the first of several that we look forward to developing in the Imperial
Valley," said Bob Hemphill, CEO of AES Solar. "This project doubles the size
of our company’s portfolio and will provide electricity to over 65,000 homes
in California."

Last month, AES Solar closed a €70 million ($90 million), multi-borrower,
non-recourse financing of a 22.4 MW portfolio in France. HSH Nordbank was the
Lead Arranger for this 18-year facility. The portfolio consists of a 12 MW
solar PV parking-lot project located near Toulouse, an 8.7 MW solar PV
parking-lot project located near Lyon and a 1.7 MW ground-mount solar PV
project also near Toulouse. All three solar PV power plants achieved
commercial operation in the first half of 2012. The credit facility was used
to refinance equity invested during construction.

The third transaction, which also closed in October 2012, is AES Solar’s first
corporate facility consisting of a €20 million ($26 million) medium-term
revolver, which will be used to provide working capital and additional
financial flexibility for AES Solar. The Lead Arranger of the facility is
Goldman Sachs Bank USA.

“The combination of these several financings demonstrates the breadth of AES
Solar’s business activities across markets, solar PV plant configurations and
sizes,” said Becky Cranna, CFO of AES Solar. “We look forward to creatively
providing more of the world’s energy through solar PV power plants.”

AES Solar is one of the world’s largest owners and operators of utility-scale,
solar PV power plants. The additional four projects in the United States and
France will increase AES Solar’s portfolio to over 500 MW in operation or
construction in the USA, Italy, Spain, France, Bulgaria, India and Greece.

About AES Solar

AES Solar is a joint venture between The AES Corporation and Riverstone
Holdings, LLC formed to develop, own and operate utility-scale solar power
plants. AES Solar currently has 256 MW in operations in the USA, Italy, Spain,
France, Bulgaria, India, and Greece with substantial development activity in
the United States and in other countries. For more information, visit
www.aes-solar.com.

About Riverstone Holdings LLC

Founded in 2000, Riverstone Holdings LLC is an energy and power-focused
private equity firm with $23 billion of equity capital raised across seven
investment funds and co-investments, including the world's largest renewable
energy fund. Riverstone conducts buyout and growth capital investments in the
midstream, exploration & production, oilfield services, power and renewable
sectors of the energy industry. With offices in New York, London and Houston,
the firm has committed approximately $19.6 billion to 91 investments in North
America, Latin America, Africa, Europe and Asia. For more information, visit
www.riverstonellc.com.

About The AES Corporation

The AES Corporation (NYSE: AES) is a Fortune 200 global power company. It
provides affordable, sustainable energy to 27 countries through its diverse
portfolio of distribution businesses as well as thermal and renewable
generation facilities. Its workforce of 27,000 people is committed to
operational excellence and meeting the world's changing power needs. 2011
revenues were $17 billion, and AES owns and manages $45 billion in total
assets. To learn more, please visit www.aes.com.

The AES Corporation 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’ current expectations based on reasonable
assumptions. Forecasted financial information is based on certain material
assumptions. These assumptions include, but are not limited to, AES’ accurate
projections of future interest rates, commodity price and foreign currency
pricing, continued normal levels of operating performance and electricity
volume at AES distribution companies and operational performance at AES
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 AES’
forward-looking statements due to risks, uncertainties and other factors.
Important factors that could affect actual results are discussed in AES’
filings with the Securities and Exchange Commission (the “SEC”), including,
but not limited to, the risks discussed under Item 1A “Risk Factors” and Item
7: Management's Discussion & Analysis in AES’ 2011 Annual Report on Form 10-K
and in subsequent reports filled with the SEC. Readers are encouraged to read
AES’ filings to learn more about the risk factors associated with AES’
business. AES undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

Any Stockholder who desires a copy of the AES 2011 Annual Report on Form 10-K
dated on or about February 24, 2012 with the SEC may obtain a copy (excluding
Exhibits) without charge by addressing a request to the Office of the
Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington,
Virginia 22203. Exhibits also may be requested, but a charge equal to the
reproduction cost thereof will be made. A copy of the Form 10-K may be
obtained by visiting the AES website at www.aes.com.

Contact:

AES Solar
Ellen Gallup, +1 703 682 6431
 
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