AES Announces Strategic Partnership with CDPQ to Support AES Ohio's Robust Growth Plans
ARLINGTON, Va. and
This agreement expands upon AES' existing partnership with CDPQ at
"We have a successful track record of incorporating strategic partners into our businesses in support of our growth initiatives. CDPQ has been a long-term partner to AES and this transaction marks another strong step forward for AES Ohio, enabling the increased capital investments needed to support our customers' growing needs," said
AES Ohio plans to invest more than
Additionally, AES Ohio sees potential for incremental investment to support growing data center demand, which could increase peak load on the system by more than 50% by the end of the decade. This growth will be transformational for the utility and demonstrates the value of AES' broader portfolio in serving important technology customers.
As part of this agreement, CDPQ is committed to funding its pro rata share of AES Ohio's near‑term capital requirements to support AES Ohio's extensive growth plans, including incremental growth opportunities stemming from new data centers in the service territory.
"AES has been an excellent partner of CDPQ for the last 10 years, and we've supported the company in the modernization and decarbonization of its operations at
"AES Ohio is committed to delivering reliable energy to enable economic growth and job creation," said
This transaction is expected to close in the first half of 2025. With this sale, AES will have achieved over
This agreement is subject to customary regulatory approvals, including from the
About AES
About CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at
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AES Safe Harbor Disclosure
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 the completion of the transactions contemplated by the agreement with CDPQ, the execution of our future investment plans and 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. These assumptions include, but are not limited to, our expectations regarding (a) the completion of the transactions contemplated by the agreement with CDPQ on the anticipated terms and timing or at all, including the receipt of regulatory approvals and (b) 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, and rates of return consistent with prior experience.
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
Any Stockholder who desires a copy of AES' 2023 Annual Report on Form 10-K filed
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AES: Investor Relations Contact: Susan Harcourt 703-682-1204 • susan.harcourt@aes.com |
CDPQ: Media Contact: +1 514-847-5493 • medias@cdpq.com |
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Media Contact: Amy Ackerman |
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SOURCE CDPQ