AES closes on sale of Hidronequen interests to Total Austral

Sep 21, 2001 02:00 AM

AES announced that it has closed on the sale of related interests in the Argentine hydroelectric facility Hidronequen to Total Austral, a subsidiary of TotalFinaElf. Pursuant to the transaction, Total Fina purchased AES Gener's 70 % interest in Hidronequen for $ 72.5 mm as well as subordinated debt related to Hidronequen held by AES Gener for $ 50 mm. In addition, last month AES also sold Gener's 64 % interest in the Argentine thermal generator, Central Puerto, also to TotalFinaElf's subsidiary, for $ 255 mm.
AES agreed last year to sell both Hidronequen and Central Puerto in conjunction with its tender offer for Gener. In March 2001, AES Gener and TotalFinaElf executed a purchase and sale agreement which granted to TotalFinaElf the option to purchase three of Gener's generating assets in Argentina: Central Puerto, Hidronequen and TermoAndes. TotalFinaElf has until November 1, 2001 to exercise its option to purchase TermoAndes.

The proceeds of approximately $ 367 mm will be applied to completely repay an acquisition loan incurred in connection with AES' tender offer for Gener. Naveed Ismail, President AES Andes, stated, "We are very pleased to complete the sales of Central Puerto and Hidroneuquen to TotalFinaElf. These sales represent an important milestone in the implementation of our business plan for Gener and are a major step towards reorienting AES Gener back towards the Chilean power market."
Dennis W. Bakke, President and CEO of AES, stated, "The people in our Andes Group have done a terrific job in acquiring AES Gener and completing the transactions related to the initial purchase. These sales ensured that AES did not have an excessive share of the generating capacity in Argentina. We continue to like our balance of hydro and thermal facilities in Argentina, including our new, clean, efficient AES Parana gas-fired combined-cycle facility which is expected to commence commercial operations prior to the end of 2001."

Business development milestones in 2001 include the following:
In August a subsidiary of AES entered into an agreement to purchase all of PSEG Global's interests in five jointly held businesses in Argentina.
In August, a subsidiary of AES announced that it intends to launch a cash tender offer to acquire all of the outstanding loan participation certificates of Edelnor.
In July a subsidiary of AES completed the final phase of its acquisition of the energy assets of Thermo Ecotek.
In July, a subsidiary of AES signed agreements to acquire a 56 % interest in SONEL, an integrated electricity utility in Cameroon.
In July, a subsidiary of AES acquired a majority of the energy assets of Thermo Ecotek.
In June, AES signed a definitive agreement to sell the customers and related assets of AES Power Direct.
In June, a subsidiary of AES secured the financing for its $ 104 mm, 163 MW combined cycle diesel-fired power plant in Sri Lanka.
In June, AES announced that its AES-3C Maritza East 1 project in Bulgaria signed two key contracts with NEK and Maritza East Mines.
In May, AES was awarded the Ras Laffan 750 MW and 40 mm imperial gallons of water per day natural gas-fired, combined-cycle cogeneration power and water desalination project in the State of Qatar.
In May, AES announced that it received certification from the California Energy Commission and is set to commence construction on the refurbishment of two retired gas-fired units 3 & 4 at Huntington Beach, California.
In May, a subsidiary of AES signed a strategic alliance agreement with COTEL, the largest local telephone carrier in Bolivia.
In May, a subsidiary of AES secured the financing for its, $ 348.6 mm, 427 MW Barka facility in Oman.
In May AES announced that it won a bid for approximately $ 23.2 mm to purchase a 75 % controlling interest in Rivenoblenergo, the distribution company that serves the Rivno region, which is about 200 km from Kiev, the capital city of Ukraine.

In April, AES announced that it won a bid for approximately $ 45.9 mm to purchase a 75 % controlling interest in Kievoblenergo the distribution company that serves the region that surrounds Kiev, the capital city of Ukraine.
In April, a subsidiary of AES signed agreements for the financing of its $ 300 mm, 450 MW combined cycle gas-fired Meghnaghat power plant in Bangladesh.
In April, a subsidiary of AES completed a $ 180 mm financing for its 360 MW gas-fired combined cycle facility Haripur in Bangladesh.
In April, AES announced the completion of its acquisition of IPALCO in Indiana.

In March, a subsidiary of AES secured the financing for the 720 MW gas-fired Granite Ridge project in New Hampshire.
In March, a subsidiary of AES acquired from EniChem an oil-fired 140 MW cogeneration facility in the town of Ottana, which is in the province of Nuoro, Sardinia, Italy.
In February, a subsidiary of AES entered an agreement to purchase all of the energy assets of Thermo Ecotek, a wholly owned subsidiary of Thermo Electron of Waltham, Massachusetts for $ 195 mm.

In January, AES announced the start of construction of the $ 300 mm AES Wolf Hollow power plant at a site in Granbury, Texas.
In January, a subsidiary of AES acquired a majority interest in a 290 MW barge-mounted natural-gas-fired electric generating business in Lagos, Nigeria.
In January, AES Huntington Beach submitted a proposal to the California Energy Commission to restart two retired gas-fired units that will add an additional 450 MW of generation in the electricity-strapped state of California.
In January, AES announced the purchase of an additional 39 % ownership interest in Hidroelectrica Alicura, a 1000 MW hydro plant in Argentina. In January, AES announced that it had successfully completed its offer to exchange all American Depositary Shares of Gener for AES common stock.

AES is a leading global power company comprised of competitive generation, distribution and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Cameroon, Canada, Chile, China, Colombia, Czech. Republic, Dominican Republic, El Salvador, Georgia, Germany, Hungary, India, Italy, Kazakhstan, The Netherlands, Nigeria, Mexico, Oman, Pakistan, Panama, Sri Lanka, Ukraine, the United Kingdom, the United States and Venezuela.
The company's generating assets include interests in one hundred and eighty one facilities totalling over 60 GW of capacity. AES' electricity distribution network has over 920,000 km of conductor and associated rights of way and sells over 126,000 GigaWatt hours per year to over 18 mm end-use customers.
In addition, through its various retail electricity supply businesses, the company sells electricity to over 154,000 end-use customers. AES is dedicated to providing electricity worldwide in a socially responsible way.

Source: AES Corporation
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