AES Solar Completes $752M In Debt Financing

AES Solar, a joint venture between AES Corp. and Riverstone Holdings, has completed three financings totaling $752 million. The company is an owner and operator of utility-scale, solar PV power plants.

PRESS RELEASE
AES Solar, a joint venture of The AES Corporation AES -1.87% and Riverstone Holdings LLC, announced today that it has completed three financings totaling $752 million, including a project financing of a 266 megawatt (“MW”) solar photovoltaic (“PV”) power plant in the United States, a project financing of a 22.4 MW portfolio of three solar PV power plants in France and a corporate revolving credit facility for AES Solar. AES Solar’s global portfolio now totals more than 500 MW in operation or construction in seven countries, making AES Solar one of the world’s largest owners and operators of utility-scale, solar PV power plants. Note that references to MW are in direct current (“DC”).

Last week, AES Solar completed financing for and began construction of the Mount Signal Solar project (also known as Imperial Valley Solar 1, or IVS1), a 266 MW utility-scale solar photovoltaic generating plant in Imperial County, California. The project is expected to be fully operational in early 2014, and it will sell its output to San Diego Gas & Electric Company pursuant to a long-term power purchase agreement. Mount Signal Solar was co-developed with 8minutenergy Renewables, LLC (“8minutenergy”) and represents the first of several fully-permitted projects in Imperial County that AES Solar is pursuing with 8minutenergy. The financing was structured in two tranches: a $416 million long-term institutional tranche led by Morgan Stanley & Co. LLC and Citigroup Global Markets, Inc. as Joint Lead Placement Agents and Rabo Securities USA, Inc. and DNB Markets Inc. as Co-Placement Agents, and a $220 million cash grant loan provided by Morgan Stanley Senior Funding and Citibank, N.A. Rabobank International and DNB Bank ASA also provided related letters of credit as part of the project financing.

“We are pleased to have begun construction of this important solar project. It is the first of several that we look forward to developing in the Imperial Valley,” said Bob Hemphill, CEO of AES Solar. “This project doubles the size of our company’s portfolio and will provide electricity to over 65,000 homes in California.”

Last month, AES Solar closed a EUR70 million ($90 million), multi-borrower, non-recourse financing of a 22.4 MW portfolio in France. HSH Nordbank was the Lead Arranger for this 18-year facility. The portfolio consists of a 12 MW solar PV parking-lot project located near Toulouse, an 8.7 MW solar PV parking-lot project located near Lyon and a 1.7 MW ground-mount solar PV project also near Toulouse. All three solar PV power plants achieved commercial operation in the first half of 2012. The credit facility was used to refinance equity invested during construction.

The third transaction, which also closed in October 2012, is AES Solar’s first corporate facility consisting of a EUR20 million ($26 million) medium-term revolver, which will be used to provide working capital and additional financial flexibility for AES Solar. The Lead Arranger of the facility is Goldman Sachs Bank USA.

“The combination of these several financings demonstrates the breadth of AES Solar’s business activities across markets, solar PV plant configurations and sizes,” said Becky Cranna, CFO of AES Solar. “We look forward to creatively providing more of the world’s energy through solar PV power plants.”

AES Solar is one of the world’s largest owners and operators of utility-scale, solar PV power plants. The additional four projects in the United States and France will increase AES Solar’s portfolio to over 500 MW in operation or construction in the USA, Italy, Spain, France, Bulgaria, India and Greece.

About AES Solar

AES Solar is a joint venture between The AES Corporation and Riverstone Holdings, LLC formed to develop, own and operate utility-scale solar power plants. AES Solar currently has 256 MW in operations in the USA, Italy, Spain, France, Bulgaria, India, and Greece with substantial development activity in the United States and in other countries. For more information, visit www.aes-solar.com .

About Riverstone Holdings LLC

Founded in 2000, Riverstone Holdings LLC is an energy and power-focused private equity firm with $23 billion of equity capital raised across seven investment funds and co-investments, including the world’s largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $19.6 billion to 91 investments in North America, Latin America, Africa, Europe and Asia. For more information, visit www.riverstonellc.com .

About The AES Corporation

The AES Corporation AES -1.87% is a Fortune 200 global power company. It provides affordable, sustainable energy to 27 countries through its diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Its workforce of 27,000 people is committed to operational excellence and meeting the world’s changing power needs. 2011 revenues were $17 billion, and AES owns and manages $45 billion in total assets. To learn more, please visit www.aes.com .

The AES Corporation 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, AES’ accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at AES distribution companies and operational performance at AES generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental growth investments at normalized investment levels and rates of return consistent with prior experience.

Actual results could differ materially from those projected in AES’ 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’ 2011 Annual Report on Form 10-K and in subsequent reports filled 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.

Any Stockholder who desires a copy of the AES 2011 Annual Report on Form 10-K dated on or about February 24, 2012 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.

MOSCOW, Nov 12, 2012 (BUSINESS WIRE) — –NovaMedica was formed specifically to be the development, marketing and operational arm, taking the highly innovative next-generation products from the collaboration, and commercializing them in Russia and the CIS.

NovaMedica, a company whose mission is to commercialize highly innovative pharmaceutical products in Russia and the CIS, today announces the opening of its US office.

NovaMedica is a newly established pharmaceutical company created by the Domain Associates, a leading US life sciences venture capital firm and RUSNANO, a Russian high-technology investment fund. The partners have committed to invest in emerging companies, developing innovative pharmaceuticals, devices, and diagnostics, and bring these products to the markets in Russia and the Community of Independent States (CIS). The total budget of the program is $760 Million USD, and includes the creation of a state of the art manufacturing facility. NovaMedica was formed to exclusively commercialize the highly innovative products coming from this partnership that have significant value in the Russian market.

“With many products set to move into NovaMedica from the Domain family of companies, we believe NovaMedica is uniquely positioned to facilitate innovative drug development and accelerate corporate growth. Our company is simply the partner of choice for Russia and CIS”, – said COO, Pharmaceutical Director and board member of NovaMedica Fabrice Egros, – “The opening of the US office will allow for efficient and rapid interactions with our current and future partners.”

Headquartered in Moscow (Russia), the new US office has been established in Princeton, New Jersey.

Mary Anderson will lead the company’s business development efforts in the US office.

Ms. Anderson has over 22 years of international licensing and business development experience, in-licensing innovative products at all stages of clinical development as well as marketed products. Prior to coming to NovaMedica, Ms. Anderson’s experience included five years as Head of Licensing and business development for the oncology division of Merck KGaA, the global pharmaceutical and chemical company. She also played an integral role in Merck’s EUR10.6 billion purchase of Serono, the biotech firm headquartered in Geneva Switzerland. Prior to Merck KgaA, Ms. Anderson held various business development positions including serving ten years at Bayer AG headquartered in Leverkusen, Germany, in various capacities related to business development, strategic planning, and research. Ms. Anderson earned her BA in Biochemistry from California State Polytechnic University, San Luis Obispo, California, USA and her MBA from St. Mary’s University, Moraga, California, USA.

About RUSNANO

RUSNANO was established in March 2011 as an open joint stock company through the reorganization of the state corporation Russian Corporation of Nanotechnologies. RUSNANO’s mission is to develop the Russian nanotechnology industry through co-investment in nanotechnology projects with substantial economic potential or social benefit. The Government of the Russian Federation owns 100 percent of the shares in RUSNANO.

About Domain Associates

Founded in 1985, Domain Associates, L.L.C. is a venture capital firm with an exclusive focus on life sciences. With $2.4 billion of capital under management, Domain is headquartered in Princeton, NJ with a second office in San Diego, CA. Domain’s three major investment segments are pharmaceuticals, specialty pharmaceuticals, and medical devices, while additional areas of interest include biomaterials, bioinstrumentation, and diagnostics.

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