AES expands global reach into Turkey

25 May 2007 — The AES Corporation announced it has expanded into Turkey through the acquisition of a 51% interest in IC ICTAS Energy Group, a Turkish developer and producer of hydroelectricity.

IC Energy currently owns and operates 26 MW of hydroelectric power capacity, and has an additional 390 MW of hydro power capacity under development. The remaining 49% of IC Energy will continue to be owned by IC Investment Holdings A.S. Financial terms of the transaction were not disclosed.

AES’s move into Turkey is expected to result in an additional 3,000 MW of new capacity to come on line every year through at least 2015.