AES Completes $45 Million Financing Associated With AES Kilroot Power Plant in Northern Ireland; Transaction Further Strengthens AES Liquidity.Business Editors ARLINGTON, Va.--(BUSINESS WIRE)--June 3, 2002 The AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. (NYSE NYSE See: New York Stock Exchange :AES) announced today that it has completed a $45 million financing at AES (NI) Ltd, the AES subsidiary that owns the 520 megawatt dual-fuel Kilroot Power Station in Northern Ireland Northern Ireland: see Ireland, Northern. Northern Ireland Part of the United Kingdom of Great Britain and Northern Ireland occupying the northeastern portion of the island of Ireland. Area: 5,461 sq mi (14,144 sq km). Population (2001): 1,685,267. . The proceeds of this 9-year facility will be used to further strengthen parent company liquidity. Paul Hanrahan, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated, "This transaction and the related transfer of $45 million to the parent corporation represent yet another step in AES's plan to improve its liquidity. The appropriate addition of low-cost, sustainable, non-recourse debt Non-Recourse Debt A loan that is secured by some sort of collateral, usually property. The issuer can seize the collateral if the borrower defaults. Notes: These types of projects are characterized by high capital expenditures, long loan periods, and uncertain revenue at our subsidiaries is one of many tools we are using to achieve our liquidity goals." He noted that Kilroot's long-term power purchase agreement allowed for competitive financing terms. AES is a leading global power company comprised of competitive generation, distribution and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Cameroon, Canada, Chile, China, Colombia, Czech Republic, Dominican Republic, El Salvador, Georgia, Germany, Hungary, India, Italy, Kazakhstan, the Netherlands, Nigeria, Mexico, Oman, Pakistan, Panama, Qatar, South Africa, Sri Lanka, Tanzania, Uganda, Ukraine, the United Kingdom, the United States and Venezuela. The company's generating assets include interests in 177 facilities totaling over 59 gigawatts of capacity. AES's electricity distribution network has over 727,000 km of conductor and associated rights of way and sells over 108,000 gigawatt gig·a·watt n. Abbr. GW One billion (109) watts. hours per year to over 16 million end-use customers. AES is dedicated to providing electricity worldwide in a socially responsible way. This news release may include forward-looking statements. Actual events and results may differ materially from those projected. Factors that could affect actual results are discussed in AES's filings with the Securities and Exchange Commission, and readers are encouraged to read those filings to learn more about the risk factors associated with AES's businesses. For more general information visit our web site at www.aes.com or contact investor relations Investor relations The process by which the corporation communicates with its investors. at investing@aes.com. |
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