Aes Solar Energy Gets Financing

AES Solar Energy Ltd., a joint venture between AESpower generation and distribution businesses in 29
Corporation (AES) and private equity firm Riverstonecountries. The company's operations are divided into
Holdings LLC, announced that it has won a financingthree segments: Regulated Utilities, Contract
deal for about $233 million to fund the construction ofGeneration, and Competitive Supply. The company
a solar energy project in Italy.clocked 2009 revenue of $14 billion and owns and
AES Solar will construct the 43 MW Cellino Sanmanages $40 billion in total assets.
Marco (CSM) project in the Puglia region of Italy.AES Corporation has 1,500 MW of wind and solar
Construction on the project is underway and theprojects in the U.S. and Europe, as well as 7,500 MW
project is expected to start commercial operations byof core power projects under development primarily in
the end of fiscal 2010. AES Solar is using First SolarAsia and Latin America.
Inc.'s (FSLR) thin film panels for the project.By fuel type, AES's capacity portfolio is approximately
AES Solar Energy was formed to develop, own and41% coal, 39% gas, 16% hydro and 4% oil. Close to
operate utility-scale photovoltaic solar installations56% of its total revenue is generated in Latin America
around the world. The addition of the 43 MW Cellinoand the balance (44%) in North America, Europe, Asia,
San Marco project will more than double the globalthe Middle East and Africa. Revenue is equally derived
operating portfolio of AES Solar, which presentlyfrom generation and distribution, and almost 80% of
includes 38 MW across France, Greece and Spain.generation revenue is under long-term contracts.
Arlington, Virginia-based AES Corporation is a globalWe maintain our near-term Sell recommendation on
power company that owns and operates electricthe Zacks Rank #4 stock.