AES closes US$2 billion in finance for gas plus energy storage project
AES Corporation has closed US$2 billion in finance for the 1.4GW Southland Repowering Project.
The install in southern California encompasses 1,284MW of combined cycle gas capacity and 100MW of battery storage.
The remaining US$350 million will be contributed as equity by AES. The company won a competitive tender in 2014 for a 20-year power purchase agreement (PPA) with utility firm Southern California Edison (SCE).
“The US$2.3 billion Southland repowering project is a key component of our strategic objective of increasing our US Dollar-based, long-term contracted position,” said Andrés Gluski, AES President and CEO.