AES - AES Corp. to substantially increase renewable energy portfolio

2023-05-08 08:12:08 ET

AES Corp. ( NYSE: AES ) on Monday outlined its long-term strategy for growth , including plans to triple its renewables capacity by adding 25-30 GW of solar, wind and energy storage while delivering 10% annual rate base growth at its U.S. utilities.

AES said the earnings growth from its new renewables and its utilities would be partially offset by plans to fully exit coal by the end of 2025.

The company initiated a target for 6%-8% annualized growth in adjusted earnings per share through 2027 from a base of 2023 guidance of $1.65-$1.75, while reaffirming its adjusted EPS annualized growth target of 7%-9% through 2025 from a base of 2020.

It also initiated guidance for FY 2023 adjusted EBITDA of $2.6B-$2.9B, and targeted annualized EBITDA growth of 3%-5% overall, and 17%-20% excluding the Energy Infrastructure SBU, through 2027 from a base of 2023 guidance.

AES ( AES ), which announced a 5% dividend increase in December , also maintained its guidance for annual dividend growth of 4%-6%.

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