AES to sell facilities in Cameroon, India and Poland
Arlington-based AES Corp. plans to sell electric power facilities in Cameroon and wind-generation assets in India and Poland.
Total net proceeds from the three sales are expected to be $236 million, with $220 million coming for the Cameroon deal.
The deals are expected to close by the first quarter of 2014.
“We continue to execute on our strategy of narrowing our geographic focus. With these sales, AES will have exited eight countries and 21 businesses and received $1.4 billion in proceeds,” Andrés Gluski, AES' president and CEO, said in a statement. “We see our best opportunities in investing in our existing platforms, where we feel we have a long-term sustainable competitive advantage.”
An AES affiliate, AES Société Nationale d’Electricité, has operated in Cameroon since 2001. AES is selling its electric generation and distribution businesses to British equity fund Actis.
In October, AES agreed to sell 100 percent of AES Saurashtra Windfarms Pvt Ltd (ASW) to Tata Power Renewable Energy Ltd, a subsidiary of Tata Power.
The deal involves a 39.2 megawatt wind farm in Gujarat, India, that began operations in 2012.
AES also signed an agreement in November to sell its wind development pipeline in Poland.
The businesses in Cameroon, India and Poland are expected to generate approximately $26 million of net income this year.