US power giant AES to triple in renewables with 30GW growth plan
Virginia-based group outlines expansion ambitions as it looks to exit coal by 2025
US-based energy group AES set out its stall to become one of the world’s fastest-growing renewables businesses with plans to add 25-30GW through to 2027.
AES, whose interests include US and South American green power assets and utilities, said the expansion would triple its renewables base as it pursues a coal exit by 2025.
The plan will be outlined on Monday in a strategic update to investors by the Virginia-based energy group.
The company has also announced a restructuring around four new business units: Renewables, Utilities, Energy Infrastructure and New Energy Technologies.
"AES is uniquely positioned to create value for our shareholders in the once in a lifetime energy transition we are currently living through," claimed Andrés Gluski, the group’s CEO.
Like other US-focused renewables companies, AES is expecting a big boost from the Inflation Reduction Act (IRA), which will provide big incentives for clean energy projects there.
AES executives told investors on Friday while discussing first quarter results that various elements of the IRA are now being clarified, allowing it to quantify benefits to its pipeline.