AES Forms US Solar Buyer Consortium with Leading Solar Companies to Invest More Than $6 Billion on Solar Panels to Scale-Up Domestic Solar Manufacturing

ARLINGTON, Va., June 21, 2022 /PRNewswire/ -- The AES Corporation (NYSE: AES) with leading US solar companies, Clearway Energy Group (Clearway), Cypress Creek Renewables and D.E. Shaw Renewable Investments (DESRI), today announced the formation of the US Solar Buyer Consortium to drive expansion of the domestic solar supply chain and support the growth of the American solar industry.

The US Solar Buyer Consortium is committed to purchasing more than $6 billion of solar panels and is looking for manufacturers that are aligned with the consortium's goals that can supply up to 7 GW of solar modules per year starting from 2024. This announcement comes amidst an increasing focus from the US Government to strengthen America's energy security and independence by reducing its supply chain reliance on competing nations.

AES has a large backlog of solar projects in the US, including 3.4 GW of new projects coming online from 2022 to 2025, out of a total backlog of 10.3 GW across all geographies and technologies. In 2021, AES signed contracts for 5 GW of power purchase agreements (PPAs) for renewable energy, including 1.4 GW for US solar projects. AES also completed more agreements with corporate customers than anyone else in the world in 2021, driven in part by products such as 24/7 carbon-free energy, which provides renewable energy around-the-clock to customers including Microsoft, Amazon, and Google¹. The company has a 59 GW development pipeline of which 68% is in the United States².

"With our large and growing pipeline of solar projects, AES is fully committed to accelerating America's transition to clean energy," said Andrés Gluski, AES President and CEO. "Today, some of America's top solar developers have come together to do our part to help attract investments into US solar manufacturing. It is crucial, however, that the US Government creates a realistic, long-term policy framework that supports onshoring more of our solar panel supply chain without unnecessarily disrupting the growth and success of our sector."

With the needed policies in place to facilitate continued growth and the clean energy resolve from organizations of all kinds, the solar industry has the potential to provide 40 percent of the nation's energy and employ as many as 1.5 million people in high-quality jobs by 2035.  

¹         According to Bloomberg New Energy Finance
²         Total development pipeline for all technologies as of January 2022

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, click here.

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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' 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 2021 Annual Report on Form 10-K filed February 28, 2022, 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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