AES Announces Closing of Previously Announced and New Minority Sell-Downs of LNG Businesses in the Dominican Republic and Panama

Raising $338 Million of Asset Sale Proceeds

ARLINGTON, Va., Dec. 21, 2023 /PRNewswire/ -- The AES Corporation (NYSE: AES) announced today that it has closed minority sell-downs of its businesses in the Dominican Republic and its AES Colón business in Panama for proceeds of $338 million.  This includes the transactions announced in September for proceeds of $179 million after purchase price adjustments at closing, as well as sell-downs of additional stakes in the businesses through the expansion of existing partnerships with Grupo Estrella and Grupo Popular's subsidiary, AFI Popular, through one of its closed-end funds, for $159 million.  In total, AES sold 20% of its businesses in the Dominican Republic and 35% of AES Colón in Panama.

"We are very pleased to announce the closing of these transactions and to continue the great progress on our expanded and accelerated asset sale proceeds target," said Stephen Coughlin, AES Executive Vice Present and Chief Financial Officer. "These transactions include the closing of the two previously announced sell-downs, as well as the sale of an additional 10% in the Dominican Republic and an additional 15% of AES Colón in Panama."

The transactions closed today include the sale of 20% of AES' businesses in the Dominican Republic to the following parties:

• 10% to Grupo Popular's subsidiary, AFI Popular, through one of its closed-end funds;
• 5% to Grupo Linda; and
• 5% to Grupo Estrella

Today's closed transactions also include the sale of 35% of AES Colón in Panama to the following parties:

• 20% to Grupo Linda; and
• 15% to Grupo Estrella

AES' businesses in the Dominican Republic include an LNG regasification terminal, with a 160,000 m³ LNG capacity storage tank, the AES Andres 319 MW combined cycle gas turbine plant, DPP 328 MW combined cycle gas turbine plant, as well as an additional 150 MW of solar and wind power plants.  AES Colón includes a 381 MW combined cycle gas turbine plant with an adjacent regasification facility that has a 180,000 m³ LNG capacity storage tank. 

AES will continue operating its businesses in the Dominican Republic and Panama, with an ownership interest of 65% in each business.

Since its third quarter 2023 earnings call in November, AES has also announced the signing of an agreement to sell its Mong Duong 2 coal facility in Vietnam and sold down its stake in Fluence from 33% to 29%, effectively monetizing 12% of its stake, for proceeds of $160 million.

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, visit www.aes.com.

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' 2022 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 2022 Annual Report on Form 10-K filed March 1, 2023 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 enroll your e-mail address by visiting the "Subscribe to Alerts" page of AES' Investors website.  The contents of AES' website, including its quarterly updates, are not, however, incorporated by reference into this release.

Investor Relations: Susan Harcourt 703-682-1204, susan.harcourt@aes.com
Media Contact: Stephanie Cathcart 571-294-6824, stephanie.cathcart@aes.com

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SOURCE The AES Corporation