The AES Corporation (NYSE: AES) announced the completion of the purchase of Valcour Wind Energy (Valcour) from global investment firm Carlyle (NASDAQ: CG). Valcour's six wind farms represent the largest operating wind platform in New York and play an important role in helping the state meet its commitment to have 70% of its electricity come from renewable resources by 2030.
The Valcour portfolio currently produces roughly 25% of the State of New York's wind power and includes:
Cogentrix Energy, a Carlyle portfolio company, operated, maintained, and managed the portfolio since Carlyle's acquisition of Valcour in 2018. AES is assuming these responsibilities going forward.
"The State of New York is a leader in the transition to a smarter, greener energy future while ensuring communities gain the economic benefits of hosting renewable energy projects. With the acquisition of the Valcour wind portfolio and our more than two decades of experience in New York, we're proud to work together with state and local communities to help meet these admirable goals," said Leo Moreno, AES Clean Energy President. "This wind portfolio complements our 1 GW solar pipeline in the state, allowing us to provide custom offerings such as our 24/7 product to realize a carbon-free energy grid. Thanks to the partnership between Carlyle, Cogentrix and Valcour, the Valcour portfolio also offers a strong platform upon which we can continue to build through repowering."
Carlyle Managing Director J.B. Oldenburg said, "We are proud to have partnered with the Cogentrix and Valcour teams to help New York State continue to make progress towards its clean energy goals. As Carlyle's first wind investment, this was a partnership where value creation and driving positive environmental change converged and we are thrilled for AES to build upon that impact. We believe the renewable and sustainable energy sector is at an inflection point and look forward to continuing to be a key contributor to progressing the transition."
AES Corporation | http://www.aes.com
Carlyle | http://www.carlyle.com