PR – The AES Corporation (NYSE:AES) today announced a substantial increase in its China-based wind power operations through two new agreements with Guohua Energy Investment Co. Ltd., one of China’s largest wind power developers.
AES acquired 49 percent of the Guohua Hulunbeier Wind Farm, which began commercial operation in September 2007 in Inner Mongolia, China. The wind farm currently produces 49.5 MW of wind generated power. This acquisition is AES’s second wind power project with Guohua.
AES also reached a separate agreement with Guohua to proceed with construction of phase II of their jointly-owned Huanghua wind project in Hebei Province, approximately 200 kilometers southeast of Beijing. The expansion will add another 49.5 MW, doubling the operating capacity of Huanghua to 99 MW when construction is completed in 2010. Phase I of the Huanghua Project is currently under construction with commercial operation expected in late 2009. Construction on phase II will begin after construction is completed on phase I. AES owns 49 percent of the Huanghua Project which has the potential to expand to up to 200 MW.
“The acquisition of the Hulunbeier Wind Farm and extension of the Huanghua Project are part of AES’s continued expansion of its wind power business in China,” said Tom Kunde, President of AES China. “We see a tremendous opportunity for further growth for AES in China. Together with Guohua, a leader in China’s renewable energy field, AES is helping China meet its commitment to generate 30,000 MW of wind power by 2020.”
“Renewable energy is a key component of AES’s growth strategy and today nearly 20 percent of our portfolio consists of renewables like hydro and wind,” said Ned Hall, AES Executive Vice President and President, AES Wind Generation. “Last year, AES was one of the fastest growing wind producers in the United States and we see significant opportunity for further expansion on a global basis, with China playing a key role in that growth.”
AES currently has more than 1,000 MW of wind power in operation and another 6,000 MW of wind projects in various stages of development in fast growing markets including Bulgaria, Chile, China, France, Greece and Scotland.