AES Solar, a joint venture between publicly traded AES Corp. and private equity firm Riverstone Holdings, has raised 103 million euros ($135 million) for a portfolio of solar photovoltaic projects in Italy. Specific terms of the financing were not released. Riverstone Holdings is an energy and power-focused private equity firm with roughly $17 billion under management.
AES Solar, a joint venture between The AES Corporation (NYSE: AES) and Riverstone Holdings LLC, announced today that one of its subsidiaries closed on long-term non-recourse financing facilities of EUR103 million for a 24 MW portfolio of solar photovoltaic (PV) projects, named “Il Terzo.” The Il Terzo portfolio is located throughout the Lazio, Puglia and Sicilia regions of Italy.
David Sundstrom, AES Solar Country Manager for Italy stated: “The Il Terzo financing was an especially challenging endeavor as it was a multi-project financing, covering seven of our Italian PV projects which were in various stages of construction throughout the financing process. Closing our third financing in Italy in the space of eight months underlines the quality of AES Solar’s capabilities in project finance and development and the strength of our banking relationships.”
Two banks participated in this financing: Dexia Crediop (as Agent) and Societe Generale. The facilities cover approximately 85 percent of estimated project costs with a final maturity date of 18 years post construction.
The seven plants composing Il Terzo are expected to reach commercial operation by the end of the first quarter of 2011, which will qualifies the portfolio for a 20-year regulated feed-in tariff under the “Conto Energia” scheme.
AES Solar currently has a global operating portfolio of 37 MW in France, Greece and Spain, and with the addition of the Il Terzo portfolio, has approximately 135 MW of projects in operation or under construction.
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 photovoltaic solar installations around the world. AES Solar currently has 37 MW in operations in Spain, Greece and France, with substantial development activity in other countries. For more information, visit www.aes-solar.com.
About Riverstone Holdings LLC
Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $17 billion under management across six investment funds, 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 $15 billion to 72 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.
About The AES Corporation
The AES Corporation (NYSE: AES) is a Fortune 500 global power company with generation and distribution businesses. Through its diverse portfolio of thermal and renewable fuel sources, AES safely provides affordable and sustainable energy in 29 countries. AES’ workforce of 27 000 people is committed to operational excellence and meeting the world’s changing power needs. AES’ 2009 revenues were $14 billion, and it owns and manages $40 billion in total assets. To learn more, please visit www.aes.com.