Proven experience in turnkey distributed generation solar projects combined with AES' operating platforms will bring sustainable energy solutions to customers in key markets
Boulder, CO---On March 3, 2015, Main Street Power Company, Inc. (Main Street Power) of Boulder, CO announced the acquisition of 100% of the shares of the company by The AES Corporation (NYSE: AES) of Arlington, VA. The acquisition brings Main Street Power, a proven developer, owner and operator of distributed solar PV systems, together with AES, a Fortune 200 global energy company with operations in 18 countries and the world's largest fleet of grid batteries in commercial service, to accelerate the growth of distributed generation solar capacity in key markets.
Main Street Power provides sustainable long-term distributed solar power solutions to clients by combining Power Purchase Agreements (PPAs) with government and utility incentives. The company maintains a long-standing financing relationship with MS Solar Solutions Corp. (MSSS), a wholly owned subsidiary of Morgan Stanley. Through its more than 200 commercial projects and several residential platform partners across the US, Main Street Power has developed and is operating a clean and affordable solar power generation portfolio with the capacity to supply the equivalent of more than 17,000 homes with electricity, annually.
With this acquisition, AES adds nearly 60 MW of operational distributed generation solar PV projects across the US and an additional 100 MW of projects in development in the US, Caribbean and Latin America to its 35 GW portfolio of operational generation resources and more than 7 GW in construction. On February 25, the company commissioned its first project on the island of St. Thomas in the U.S. Virgin Islands which will provide as much as 5% of the island's current base load capacity during daylight hours.
The existing leadership and broader team will remain in Boulder following the acquisition. The group will be known going forward as AES Distributed Energy and become a center of excellence for distributed solar generation within AES. In addition to adding capabilities in the US, the group will foster the development of distributed energy businesses in other AES markets, where electricity prices are higher and solar resources are more favorable.
Amory Host, President and CEO, AES Distributed Energy said, "As part of AES, we see tremendous opportunity to build on and grow the environmental, economic and social benefits that distributed solar generation brings to the communities, homeowners, schools, municipalities, businesses and utilities we serves."
"The addition of the AES Distributed Energy group to AES strengthens our ability to provide affordable and sustainable energy solutions to our customers," said Chris Shelton, Vice President for New Energy Solutions. "By combining the experience AES has in running and operating generation and utilities in 18 countries and in bringing innovative solutions such as energy storage to market with the expertise AES Distributed Energy has in delivering distributed solar solutions to customers, we believe we can successfully extend our share of the rapidly growing market."
About AES Distributed Energy
AES Distributed Energy brings reliable and affordable solar power to schools, municipalities, utilities, residential marketers and private-sector commercial entities. We develop, own and operate distributed generation solar PV projects. Our partnerships with EPC contractors, equipment manufacturers and project financiers enable us to build and structure turnkey, distributed solar PV solutions that require no upfront capital outlay. Formed by the acquisition of Main Street Power Company in February 2015, and through our ongoing business relationship with MS Solar Solutions Corp., a wholly-owned subsidiary of Morgan Stanley, AES Distributed Energy has over 60 MW of distributed generation solar PV projects in operation across North America with an additional 100 MW in development in the US, Caribbean and Latin America. To learn more, please visit www.aesdistributedenergy.com.
The AES Corporation (NYSE:AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 18 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 18,500 people is committed to operational excellence and meeting the world's changing power needs. Our 2014 revenues were $17 billion and we own and manage $39 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.