AES to shed 39.2-MW Indian wind farm, Polish wind projects

Nov 7, 2013 - US-based AES Corp (NYSE:AES) said Thursday it had agreed to divest its 39.2-MW wind farm in Gujarat, India to a unit of Tata Power Co Ltd (BOM:500400) and is also selling its wind development pipeline in Poland.

The two deals are accompanied by an agreement to sell the SONEL hydroelectric operation as well as the 86-MW Dibamba heavy fuel oil-fired plant and the 216-MW Kribi gas-fired station in Cameroon to UK private equity fund Actis for USD 220 million (EUR 165m). In total, all of the divestitures will bring USD 236 million in net equity proceeds, AES noted.

Once the transactions are closed, which is expected to happen by the first quarter of next year, AES will have left eight countries as part of the company’s strategy to reduce its geographic focus, president and CEO Andres Gluski stated.

The Indian wind farm commenced operations last year. Together with the businesses in Cameroon and Poland, it is projected to record a net income of some USD 26 million in 2013.

(USD 1.0 = EUR 0.749)

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