AES Awarded 1.2 GW of Clean Energy Projects in New York

The AES Corporation (NYSE: AES) today announced that the New York State Energy Research and Development Authority (NYSERDA) has awarded the Company 1.2 GW of wind and solar projects across New York state under a large-scale renewables RFP. The projects will have statewide economic impact and will help support New York’s renewable energy goals. 

“These awards demonstrate the strength of AES’ renewables pipeline and development expertise, and build on our track record of working with governments and communities to advance the energy transition,” said Bernerd Da Santos, AES EVP and President, Renewables.  “As the largest owner-operator of renewable energy projects in New York, we look forward to continuing to work closely with NYSERDA and New York state to achieve its renewable energy goals with the most advanced and cost-effective clean energy projects.” 

Together with their customers, AES is dedicated to building clean energy projects and partnerships that strengthen communities. In 2023, the Company has worked with local nonprofit organizations and educational institutions across New York to fund more than $400,000 of high-impact programs and initiatives. 

“These partnerships help ensure that we are developing solutions that responsibly meet the energy and economic needs of communities where we operate. These wind and solar projects will have far-reaching impact and AES looks forward to continuing to be a good neighbor and partner in the decades ahead,” said Woody Rubin, AES Clean Energy Chief Development Officer.   

“Under Governor Hochul’s leadership, this year’s awarded portfolio of projects is the largest in US history,” said Doreen M. Harris, NYSERDA President and CEO. “As part of that portfolio, AES is helping New York accelerate and responsibly transition to a clean energy future. The impact of their 1.2 GW of wind and solar projects will be substantial as New York makes progress toward achieving its nation-leading Climate Act goals.” 

AES’ projects will help achieve Governor Kathy Hochul’s commitment to 100% carbon-free electricity by 2040 and 70% renewable electricity by 2030. These projects are expected to create thousands of construction jobs, generate substantial revenue for local governments and foster economic growth in rural and agricultural communities across the state. 

AES is a leader in the development and operation of clean energy facilities, with 5.1 GW in operation and more than 51 GW in development in the US. The contracts for the awarded projects are expected to be signed in the coming months, and are expected to commence operations starting in late 2026. 

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. 

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