AES to sell coal, hydro and wind assets in China for $134 million
- May 8, 2012
AES Corp. has signed two agreements to sell the majority of its interests in China for a combined $134 million.
The transactions are part of the Arlington County-based energy company’s efforts to narrow its geographic focus and invest in core markets where the company can be more competitive.
Since September 2011, the company has announced eight asset sales totaling $890 million, six of which have already closed.
On Friday, AES agreed to sell its 25 percent equity interest in a 2,100 megawatt coal-fired plant and its 49 percent equity interest in a 248-megawatt wind joint venture to Sembcorp Utilities for $86 million. It also signed an agreement to sell its 49 percent equity interest in Jianghe Rural Electrification Development Co. Ltd. to its joint venture partner for $48 million.
The transactions, expected to close in the second half of 2012, are subject to local customary approvals.
After the sale, AES will have interest in one hydro and one gas-fired plant in China.