Latest news with #AndrésGluski
Yahoo
3 days ago
- Business
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AES Completes First Phase of Largest Solar-Plus-Storage Project in the United States
Bellefield Project Highlights AES' Track Record of Working with Corporate Customers ARLINGTON, Va., June 11, 2025 /PRNewswire/ -- The AES Corporation (NYSE: AES) today announced that it has completed construction of the 1,000 MW Bellefield 1 project, under a 15-year contract with Amazon. Bellefield is a two-phase project, with each phase including 500 MW of solar and 500 MW of four-hour battery-based energy storage, for a total of 2,000 MW of installed capacity. Once completed, the 2,000 MW Bellefield project is expected to be the largest solar-plus-storage facility in the United States. "Completing the first 1,000 MW of Bellefield demonstrates how rapidly solar and storage can be deployed to meet the growing energy demand of data centers," said Andrés Gluski, AES President and Chief Executive Officer. "Our best-in-class track record of delivering renewables projects on time and on budget is deeply valued by our customers and is one of our key competitive advantages." AES has been consistently recognized by Bloomberg New Energy Finance (BNEF) as a top provider of clean energy to corporations, including technology companies. AES has contractual arrangements with major global hyperscalers for 10.1 GW, including the 2 GW Bellefield project. To accelerate Bellefield's implementation and ensure system reliability, AES utilized Maximo, an AI-enabled robotic system developed by AES to assist construction crews, improving the safety, speed, and accuracy of solar module installation. The 2 GW Bellefield project, located in Kern County, California, will generate equivalent to the annual electricity usage of 467,000 homes, displacing over 1 million metric tons of CO₂ annually, and improving air quality. More than 700 union jobs were created during the construction of Bellefield 1 and approximately 1,000 union jobs are expected to be created at the peak of construction of Bellefield 2, further supporting local businesses. The Company expects to recognize the significant earnings associated with placing Bellefield 1 in service in the second half of this year, as planned. Construction on Bellefield 2 is on track to be completed in 2026. 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, visit 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, 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 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' 2024 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 2024 Annual Report on Form 10-K filed March 11, 2025 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 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. Press Release Investor Contact: Susan Harcourt 703-682-1204, Media Contact: Katie Lau 571-286-9362, View original content to download multimedia: SOURCE The AES Corporation
Yahoo
23-05-2025
- Business
- Yahoo
Why AES Corporation (AES) Crashed Today
We recently published a list of . In this article, we are going to take a look at where AES Corporation (NYSE:AES) stands against other firms that are drenched in red today. Ten companies pulled back on Wednesday, booking hefty losses during the trading session, with investor sentiment weighed down by a flurry of government policies and dismal earnings performance in the last quarter of the year. Meanwhile, the Dow Jones fell by 1.91 percent, the S&P 500 declined by 1.61 percent, and the tech-heavy Nasdaq dropped 1.41 percent. In this article, let us take a look at the 10 companies that led a poor performance during the day and explore the reasons behind their drop. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume. An executive in a power plant control booth overseeing the efficient energy production. The AES Corporation fell for a sixth consecutive day on Wednesday, dropping 9.88 percent to end at $10.13 apiece as investors seemed unimpressed by its newly bagged deal with technology giant Meta Platforms Inc. On Wednesday, The AES Corporation (NYSE:AES) said that it entered into a long-term power purchase agreement to support Meta's data centers with 650 MW of solar projects. 'By providing energy solutions that offer fast time-to-power and low-cost electricity, we continue to be the partner of choice for companies, like Meta, at the forefront of artificial intelligence innovation,' said The AES Corporation (NYSE:AES) President and Chief Executive Officer Andrés Gluski. Additionally, The AES Corporation (NYSE:AES) said the partnership will boost employment opportunities for communities in Texas and Kansas. The AES Corporation (NYSE:AES) is one of the leading US-based global power companies, with 32.7 GW in operation, a backlog of 12.3 GW of signed long-term PPAs, and a pipeline of 65 GW. Overall, AES ranks 2nd on our list of firms that are drenched in red today. While we acknowledge the potential of AES as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than AES but that trades at less than 5 times its earnings, check out our report about this . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Meta adds another 650 MW of solar power to its AI push
Meta signed another big solar deal on Thursday, securing 650 megawatts across projects in Kansas and Texas. American utility and power generation company AES is currently developing the solar-only projects, with 400 megawatts to be deployed in Texas and 250 megawatts in Kansas, the company told TechCrunch. Meta said it signed the deal to power its data centers, which have been expanding to support its growing AI operations. The company already has more than 12 gigawatts of capacity in its renewable power portfolio. AES typically signs new power purchase agreements two to three years before they begin commercial operations, and the average term for such deals is 15 to 20 years, spokesperson Katie Lau said. This is the fourth solar deal that Meta has announced this year. All are in Texas, with one clocking in at 595 megawatts, another at 505 megawatts, and the final two hitting 200 megawatts each. Texas has become a hotbed of solar development recently, leading the nation in new solar capacity installed in 2023 and 2024, according to the Solar Energy Industries Association. The state has ample sunshine, quick permitting, and speedy grid connections. The latter two are particularly helpful when deploying a new solar capacity. With permitting and grid connections in place, a solar farm can be built in months rather than years. It doesn't hurt that new solar is one of the cheapest forms of new generating capacity, even before subsidies are considered. Plus, data centers needn't want for construction to finish since solar farms can be phased in, with electricity flowing before project completion. Indeed, in a press release, AES CEO Andrés Gluski called out solar's 'fast time-to-power and low-cost electricity' as key attributes that have attracted hyperscalers like Meta. This article originally appeared on TechCrunch at Sign in to access your portfolio
Yahoo
22-05-2025
- Business
- Yahoo
Why AES Corporation (AES) Crashed Today
We recently published a list of . In this article, we are going to take a look at where AES Corporation (NYSE:AES) stands against other firms that are drenched in red today. Ten companies pulled back on Wednesday, booking hefty losses during the trading session, with investor sentiment weighed down by a flurry of government policies and dismal earnings performance in the last quarter of the year. Meanwhile, the Dow Jones fell by 1.91 percent, the S&P 500 declined by 1.61 percent, and the tech-heavy Nasdaq dropped 1.41 percent. In this article, let us take a look at the 10 companies that led a poor performance during the day and explore the reasons behind their drop. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume. An executive in a power plant control booth overseeing the efficient energy production. The AES Corporation fell for a sixth consecutive day on Wednesday, dropping 9.88 percent to end at $10.13 apiece as investors seemed unimpressed by its newly bagged deal with technology giant Meta Platforms Inc. On Wednesday, The AES Corporation (NYSE:AES) said that it entered into a long-term power purchase agreement to support Meta's data centers with 650 MW of solar projects. 'By providing energy solutions that offer fast time-to-power and low-cost electricity, we continue to be the partner of choice for companies, like Meta, at the forefront of artificial intelligence innovation,' said The AES Corporation (NYSE:AES) President and Chief Executive Officer Andrés Gluski. Additionally, The AES Corporation (NYSE:AES) said the partnership will boost employment opportunities for communities in Texas and Kansas. The AES Corporation (NYSE:AES) is one of the leading US-based global power companies, with 32.7 GW in operation, a backlog of 12.3 GW of signed long-term PPAs, and a pipeline of 65 GW. Overall, AES ranks 2nd on our list of firms that are drenched in red today. While we acknowledge the potential of AES as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than AES but that trades at less than 5 times its earnings, check out our report about this . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
AES Teams Up with Meta to Provide 650 MW of Solar Power in Texas and Kansas
The AES Corporation (NYSE:AES) announced today that it has signed two long-term Power Purchase Agreements (PPAs) to supply Meta's data centers with 650 MW of solar energy from projects being developed in the Southwest Power Pool (SPP) region. The AES Corporation (NYSE:AES) is the largest American global power company, currently operating 32.7 GW of capacity, with an additional 12.3 GW of signed long-term PPAs and a development pipeline totaling 65 GW. Andrés Gluski, AES President and Chief Executive Officer, made the following statement regarding the company's partnership with Meta: "AES is proud to partner with Meta to deliver reliable and affordable renewable energy that supports their data center growth and ambitious sustainability goals. By providing energy solutions that offer fast time-to-power and low-cost electricity, we continue to be the partner of choice for companies, like Meta, at the forefront of artificial intelligence innovation." The AES Corporation (NYSE:AES) has secured 10.1 GW of contracts with major global hyperscalers, including 7.7 GW in long-term PPAs aimed at building renewable energy capacity to meet data center power demands. This solidifies AES's role as a leading energy provider for corporate clients worldwide. AES's leadership in this area has been recognized by Bloomberg New Energy Finance (BNEF), which has ranked the company as a top clean energy supplier to corporations for the third consecutive year in its 2024 Corporate Energy Market Outlook. The AES Corporation (NYSE:AES) started investing in wind and solar in 2002. It expanded into distributed solar by acquiring Mainstreet Power in 2015 and bought sPower, the largest US solar developer, in 2017 with AIMCo. In 2021, AES launched a robot to speed up solar construction. While we acknowledge the potential of AES to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AES and that has 100x upside potential, check out our report about this cheapest AI stock. READ MORE: and Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
