AES to acquire electric distribution company in Ukraine

AES announced that it has 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 the Ukraine.
The remaining 25 % interest is either publicly traded or owned by the employees of the distribution company. In 2000, Rivenoblenergo distributed 2,210 GWh to 383,000 customers. Rivenoblenergo is one of six distribution companies that are being privatised this spring by the government of the Ukraine. Completion of the acquisition is subject to the execution of a Sale and Purchase Agreement.
Mr. Garry Levesley, Vice President of AES, stated, "The acquisition of Rivenobloenergo complements well the earlier purchase of Kievoblenergo. AES is now well positioned in the Ukrainian energy sector and we look forward to exploring additional regional energy opportunities."
Mr. Dennis W. Bakke, President and CEO of AES, stated, "We are pleased with this winning bid in Ukraine, which comes after five years of our involvement in the Ukraine while the government has contemplated opening up the electric sector to private companies and competition. We hope that AES can bring its skills, creativity and its passion to improve the contribution of this business to the people of the Ukraine."

Business development milestones in 2001 include the following:
-- 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 the 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, Canada, Chile, China, Colombia, Dominican Republic, El Salvador, Georgia, Hungary, India, Italy, Kazakhstan, The Netherlands, Nigeria, Mexico, Oman, Pakistan, Panama, Sri Lanka, the Ukraine, the United Kingdom, the United States and Venezuela.
The company's generating assets include interests in 166 facilities totalling over 58 GigaWatts 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 17 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.