U.S. Climate Investment Firm Commits to AES Corporation's 605MW Solar-Plus-Storage Portfolio

U.S. climate investment firm HASI has made an undisclosed structured equity investment in a 605MW solar-plus-storage portfolio owned by utility AES Corporation. The deal enhances AES's renewable energy initiatives, as it continues to own and operate the projects, which span seven power markets and 11 states. The diverse portfolio includes community solar and commercial solar-plus-storage projects, with over a third of them incorporating energy storage solutions. The states covered by the projects are Arizona, California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Massachusetts, New York, Rhode Island, and Vermont. See also: EDF Renewables Inks 150MW Solar-Plus-Storage PPA in New Mexico with El Paso Electric AES, with a commitment to advancing the future of energy, maintains ownership and operation of the projects. The portfolio boasts contracts with a varied group of primarily investment-grade corporate, utility, and municipal off-takers, according to a press release. James Marshall, CFO for AES' clean energy business in the U.S., expressed the strategic importance of the investment, stating, "This investment in AES’ operating renewables portfolio represents a continuation of our partnership with HASI that will free up capital to develop and build new clean energy projects in the U.S." See also: Hawaii Demolishes Last Coal Plant in Pursuit of Renewable Energy Future The move aligns with AES's ambitious plans, announced in May 2023, to triple its renewables capacity by 2027 and eliminate coal generation by 2025. Notably, the utility also acquired the 2GW Bellefield solar-plus-storage project in Kern County, California, in June 2023, demonstrating its commitment to expanding its clean energy portfolio.