ARLINGTON, Va., June 21, 2022
/PRNewswire/ -- The AES Corporation (NYSE: AES) with leading US solar companies, Clearway Energy Group
(Clearway), Cypress Creek Renewables and D. E. Shaw Renewable Investments (DESRI), today announced the formation
of the US Solar Buyer Consortium to drive expansion of the domestic solar supply chain and support the growth of
the American solar industry.
Today, some of America's top solar developers have come together to help attract
investments into US solar manufacturing
The US Solar Buyer Consortium is committed to purchasing more than $6 billion of solar panels and is looking for
manufacturers that are aligned with the consortium's goals that can supply up to 7 GW of solar modules per year
starting from 2024. This announcement comes amidst an increasing focus from the US Government to strengthen
America's energy security and independence by reducing its supply chain reliance on competing nations.
AES has a large backlog of solar projects in the US, including 3.4 GW of new projects coming online from 2022 to
2025, out of a total backlog of 10.3 GW across all geographies and technologies. In 2021, AES signed contracts
for 5 GW of power purchase agreements (PPAs) for renewable energy, including 1.4 GW for US solar projects. AES
also completed more agreements with corporate customers than anyone else in the world in 2021, driven in part by
products such as 24/7 carbon-free energy, which provides renewable energy around-the-clock
to customers including Microsoft, Amazon, and Google1. The company has a 59 GW development pipeline
of which 68% is in the United States2.
"With our large and growing pipeline of solar projects, AES is fully committed to accelerating America's
transition to clean energy," said Andrés Gluski, AES President and CEO. "Today, some of America's top solar
developers have come together to do our part to help attract investments into US solar manufacturing. It is
crucial, however, that the US Government creates a realistic, long-term policy framework that supports onshoring
more of our solar panel supply chain without unnecessarily disrupting the growth and success of our sector."
With the needed policies in place to facilitate continued growth and the clean energy resolve from organizations
of all kinds, the solar industry has the potential to provide 40 percent of the nation's energy and employ as
many as 1.5 million people in high-quality jobs by 2035.
1 According to Bloomberg New Energy
Finance
2 Total development pipeline for all
technologies as of January 2022
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy.
Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions
the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while
partnering with our customers on their strategic energy transitions and continuing to meet their energy needs
today. For more information, click here.
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 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. Forecasted financial information is based on certain material assumptions. These assumptions
include, but are not limited to, our expectations regarding 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, rates of return consistent with prior experience and the COVID-19 pandemic.
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 Securities and Exchange Commission (the "SEC"), including, but not limited to, the risks
discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in AES' Annual
Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to
learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except where required by law.
Any Stockholder who desires a copy of the Company's 2021 Annual Report on Form 10-K filed February 28, 2022, with
the SEC may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office
of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also
may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Annual Report
on Form 10-K may be obtained by visiting the Company's website at www.aes.com.
Website Disclosure
AES uses its website, including its quarterly updates, as channels of distribution of Company information. The
information AES posts through these channels may be deemed material. Accordingly, investors should monitor our
website, in addition to following AES' press releases, quarterly SEC filings and public conference calls and
webcasts. In addition, you may automatically receive e-mail alerts and other information about AES when you
enroll your e-mail address by visiting the "Subscribe to Alerts" page of AES' Investors website. The contents of
AES' website, including its quarterly updates, are not, however, incorporated by reference into this release.
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