AES China Signs Memorandum of Cooperation with Chongqing Energy to Develop Renewable Energy Projects in Western China
Wednesday, January 19, 2022 12:10 AM

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BEIJING, Jan.19, 2011 /PRNewswire-Asia/ -- AES China, a subsidiary of The AES Corporation (NYSE: AES) announced today that it has signed a Memorandum of Comprehensive Cooperation with Chongqing Energy Investment Group Ltd. to form a joint venture that will develop, construct and operate a series of renewable and carbon reduction projects. The proposed joint venture includes approximately 400 MW of operational hydroelectric power projects, as well as a development pipeline of 700 MW of wind power projects and about one million tons of emission reductions through ventilation air methane projects. The projects are located throughout Chongqing, Xinjiang and other Western China provinces. “Our work with Chongqing Energy demonstrates how U.S. and Chinese companies can work together to promote renewable energy and carbon reduction projects,” said Paul Hanrahan, AES President and Chief Executive Officer. “Western China offers significant renewable energy sources, and by developing hydroelectric and wind, we will also contribute to this region’s economic development.” AES China and Chongqing Energy formalized their intent to form a joint venture during a signing ceremony in Washington, D.C., which was part of Chinese President Hu’s state visit to the U.S. Honored guests included Secretary Steven Chu, U.S. Department of Energy, Chinese Administrator Zhang Guobao, National Energy Administration, and Chinese Minister of Science and Technology Wan Gang. The U.S. Department of Energy and the U.S. Department of Commerce have been supportive of the U.S. China Energy Cooperation Program, which helped facilitate the formation of the joint venture between Chongqing Energy and AES China. The two companies began working together in November 2009 to develop China’s first commercial ventilation air methane project. Through the proposed joint venture, Chongqing Energy will hold 51 percent ownership while AES China will hold 49 percent ownership. The parties have targeted renewable projects that could reach a total capacity of around 2 GW over the next five years. About AES China In 1994, AES became one of the first U.S. power companies to enter China and today operates a diverse portfolio of generation facilities - coal, hydroelectric, natural gas, and wind -with a total generation capacity of 2,900 MW. To learn more about AES China, please visit www.aeschina.com.cn. 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 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 achievements of planned productivity improvements and incremental growth investments at normalised investment levels and rates of return consistent with prior experience. 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, including, but not limited to, the risks discussed under Item 1A "Risk Factors" in AES' 2009 Annual Report on Form 10-K. 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 Company's 2009 Annual Report on Form 10-K filed on or about February 25, 2022 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 Annual Report on Form 10-K is available on the Company's website at www.aes.com.

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