Renewables, Wind

AES expands wind pipeline in Poland

15 June 2010 – The AES Corporation’s wind business has signed an agreement with Jan Reichert, a Polish wind developer, to acquire its development pipeline of 353 MW, almost doubling AES’ Polish wind pipeline.

Through the transaction, AES Wind Generation acquires a 51 per cent stake in the pipeline, and will take ownership of up to 90-95 per cent, pending completion of certain milestones by Reichert.

 Of the total pipeline, 158 MW of projects are expected to begin construction next year and will require approximately $80m of AES equity through the end of 2011.
 
Completion of the entire pipeline would require approximately $175m of AES equity through the end of 2014.
 
“Increasing our presence in Poland’s wind market falls in line with our strategy to pursue high-growth renewable energy markets. With 775 MW in our development pipeline, we are establishing a strong foothold in one of Europe’s most attractive markets for wind generation,” said Paul Hanrahan, president and chief executive officer of AES.
 
The Reichert investment builds on AES Wind Generation’s recent entry into the Polish wind market through its acquisition of 3E’s 422 MW development pipeline, announced in April.