AES Solar Energy Closes on €70 Million Non-Recourse Financing for Its First Photovoltaic Projects in Spain

AES Solar Energy Ltd (AES Solar), a joint venture between The AES Corporation and Riverstone Holdings LLC, announced that on December 30, 2008 one of its subsidiaries closed a €70 million non-recourse debt facility for five of its photovoltaic (PV) projects in Spain. The loan was extended by UniCredit Mediocredito Centrale of Italy and Rabobank of the Netherlands. The financing is at an initial margin of 255 bps to EURIBOR per annum and it is amortized based on an underlying tenor of 18 years.

Formed in March, 2008, AES Solar develops, owns and operates utility scale solar installations. The PV solar installations are part of AES Solar’s eight operating power plants in Spain. The projects qualify for the favorable regulated tariff under the Spanish Special Regime for renewable projects (Royal Decree 661/2007).

"We are encouraged by our ability to close the financing in challenging credit markets. This accomplishment is largely the result of the intersection of good projects, good banks, and good people working hard on both sides of the deal,” said Robert Hemphill, CEO of AES Solar.

"The transaction reflects UniCredit Group’s resolute commitment to AES Solar and to the renewable energy sector, which remains undeterred in spite of challenging market conditions,” said Massimo Pecorari, Head of Project and Commodity Finance Southern Europe.

Marcel Gerritsen, Global Head Renewable Energy and Infrastructure Finance of Rabobank expressed, "We are very happy to have been able to work with AES Solar to produce an innovative financing solution for this solar portfolio, matching both the innovative technology used and the challenging conditions we all face."

First Solar’s thin film panels are used in three of the five projects. This financing represents the largest project financing completed in Spain for solar installations utilizing First Solar panels.

About AES Solar Energy Ltd

AES Solar Energy Ltd, (AES Solar) is a joint venture between The AES Corporation and Riverstone Holdings LLC, formed to develop, own and operate utility-scale photovoltaic solar installations around the world. AES Solar currently has 24 MW in operations in Spain, with activity in other countries. For more information, visit www.aes-solar.com.

About Riverstone Holdings LLC

Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately US$16 billion under management across six investment funds. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately US$10.8 billion to 58 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.

About The AES Corporation

AES is one of the world's largest global power companies, with 2007 revenues of $13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. Our 14 regulated utilities amass annual sales of approximately 76,000 GWh and our 124 generation facilities have the capacity to generate approximately 43,000 megawatts. Our global workforce of 28,000 people is committed to operational excellence and meeting the world's growing power needs. To learn more about AES, please visit www.aes.com or contact AES media relations at media@aes.com.

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