AES - AES Corp. buys largest U.S. permitted solar-plus-storage project

2023-06-07 07:22:38 ET

AES Corp. ( NYSE: AES ) said Wednesday it agreed to acquire the 2 GW Bellefield project, the largest permitted solar-plus-storage project in the U.S., from solar power developer Avantus LLC, for an undisclosed sum.

The project, which is in late-stage development, includes two phases, each with 500 MW of solar and up to 500 MW of four-hour duration battery energy storage.

AES ( AES ) said phase one already has a 15-year power purchase agreement with an existing corporate customer, and it expects to contract up to an additional 1 GW of solar-plus-storage in phase two of the project by year-end 2023.

The two phases of the Bellefield project are expected to come online in 2025 and 2026, respectively.

"With the addition of Bellefield phase one, our signed PPA backlog grows to more than 12 GW, which represents growth of more than 80% from our current installed renewable generation fleet," AES ( AES ) President and CEO Andres Gluski said.

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