AES raises $184 million to finance AES Barry.ARLINGTON, Va.--(BUSINESS WIRE)--Feb. 14, 1997--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 Friday that its subsidiary, AES Electric has raised 112.5 million pounds ($184 million) of non-recourse project finance for its 230 MW gas-fired combined cycle A combined cycle is characteristic of a power producing engine or plant that employs more than one thermodynamic cycle. Heat engines are only able to use a portion of the energy their fuel generates (usually less than 50%). The remaining heat from combustion is generally wasted. power plant in Barry, South Wales, United Kingdom. The credit facility has been solely under-written by The Industrial Bank of Japan, Limited ("IBJ IBJ Industrial Bank of Japan, Ltd. IBJ Illinois Business Journal IBJ International Brotherhood of Jones "). The credit facility provides debt leveraging that is similar to previous independent power projects financed in the United Kingdom and is the first project in the United Kingdom to be project financed without any of the electric output being firmly contracted. The combined cycle facility will be operated by a subsidiary of AES Electric. The project company, AES Barry Ltd., is 100 percent owned by AES Electric. Construction of the plant started on Oct. 1, 1996 and is scheduled to be complete on May 31, 1998. Mark Fitzpatrick, managing director of AES Electric Ltd., said, "We are extremely pleased with the structure that IBJ offered for the financing. The project greatly enhances our position in the United Kingdom power market." Dennis Bakke, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AES, stated, "Our Barry facility is the first of a kind for AES. The low-cost, flexible plant will allow us to respond to UK electricity market conditions." AES currently owns or has an interest in 33 power facilities totaling over 11,000 megawatts in the United States, Argentina, Brazil, Pakistan, Hungary, Kazakstan, China and the United Kingdom. In addition to having assets of $3.7 billion, the company has more than $5 billion of projects in construction or late stages of development. AES is dedicated to providing electricity worldwide in a socially responsible way. -0- For more general information visit our web site at www.aesc.com or contact investor relations Investor relations The process by which the corporation communicates with its investors. at investing@aesc.com CONTACT: The AES Corporation, Arlington Kenneth R. Woodcock woodcock: see snipe. woodcock Any of five species (family Scolopacidae) of plump, sharp-billed migratory birds of damp, dense woodlands in North America, Europe, and Asia. , 703/522-1315 |
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