AES has signed two agreements to sell a substantial majority of its businesses in China for $134m. Subject to local customary approvals, the transactions are expected to close in the second half of 2012.
Since September 2011, AES has announced eight asset sale transactions totalling $890m, with six of those transactions ($756m) being already closed.
In May 2012 AES agreed to sell its 25 % equity interest in the 2,100 MW coal-fired Yangcheng plant and its 49% equity interest in the 248 MW China Wind joint venture to Sembcorp Utilities for a total of $86m. AES also sold its 49% equity interest in Jianghe Rural Electrification Development Company Limited (“JHRH”) to its JV partner, China Three Gorges New Energy Corporation, for $48m. JHRH includes seven small hydroelectric plants, one wind farm and one co-generation plant with a total gross capacity of 379 MW.
Total gross capacity of the plants to be sold is 2,727 MW, or 717 MW on an ownership-adjusted basis. Once these asset sales are completed, AES’ generation footprint in China will consist of one hydro and one gas-fired plant, which together have a total gross capacity of 75 MW, or 31 MW on an ownership-adjusted basis.
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