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.
Today, some of America's top solar
developers have come together to help attract investments into US
solar manufacturing
The US Solar Buyer Consortium is committed to purchasing more
than $6 billion of solar panels and
is looking for manufacturers that are aligned with the consortium's
goals that can supply up to 7 GW of solar modules per year starting
from 2024. This announcement comes amidst an increasing focus from
the US Government to strengthen America's energy security and
independence by reducing its supply chain reliance on competing
nations.
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 68% is in the United
States2.
"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.
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, our expectations regarding accurate projections of
future interest rates, commodity price and foreign currency
pricing, continued normal levels of operating performance and
electricity volume at our distribution companies and operational
performance at our generation businesses consistent with historical
levels, as well as the execution of PPAs, conversion of our backlog
and growth investments at normalized investment levels, rates of
return consistent with prior experience and the COVID-19
pandemic.
Actual results could differ materially from those projected in
our 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' Annual Report on Form 10-K and
in subsequent reports filed 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, except where required by
law.
Any Stockholder who desires a copy of the Company's 2021 Annual
Report on Form 10-K filed February 28,
2022, with the SEC may obtain a copy (excluding the exhibits
thereto) 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 Annual Report
on Form 10-K may be obtained by visiting the Company's website at
www.aes.com.
Website Disclosure
AES uses its website, including its quarterly updates, as
channels of distribution of Company information. The information
AES posts through these channels may be deemed material.
Accordingly, investors should monitor our website, in addition to
following AES' press releases, quarterly SEC filings and public
conference calls and webcasts. In addition, you may automatically
receive e-mail alerts and other information about AES when you
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page of AES' Investors website. The contents of AES' website,
including its quarterly updates, are not, however, incorporated by
reference into this release.
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