AES Distributed Energy Secures $341 Million in Debt Financing

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AES Distributed Energy has entered into a USD 341 million debt agreement which provides new capital for a portfolio of distributed generation projects

AES Distributed Energy (AES DE), a subsidiary of the AES Corporation (AES) and a leader in energy generation through solar PV and solar PV + battery energy storage systems (BESS), has announced that it has entered into a USD 341 million debt agreement which provides new capital to AES DE to be used for permanent debt financing for a portfolio of distributed generation projects throughout the Northeast. The financing is the largest domestic debt facility raised for a portfolio of community and distributed solar and represents the third large umbrella facility AES DE has completed since 2017. Silicon Valley Bank (SVB), KeyBank N.A. and Nomura acted as coordinating lead arrangers.

“This transaction will fortify AES DE as a dominant market participant in the fast-growing community solar sector spreading throughout the Northeast,” said Brian Cassutt, AES DE Chief Financial Officer. “AES DE’s balanced approach to development has been validated through this market-leading transaction. SVB, KeyBank N.A. and Nomura provided excellent service throughout the process and their market knowledge greatly contributed to the transaction’s success.”

AES DE brings reliable and cost-effective renewable energy systems to utilities, municipalities, schools, corporations and commercial and industrial clients in the United States. Its proven project development, financing and operating experience empower energy consumers to benefit from the distributed energy solutions we deliver. AES DE is a strong and reliable counterparty and is well-positioned and experienced to execute any solar PV or solar PV + BESS projects we pursue.

“We are delighted to continue to support AES DE in deploying distributed energy solutions,” said Bret Turner, Market Manager of Project Finance at Silicon Valley Bank. “As an administrative agent, we worked collaboratively to structure unique financing to help AES DE expand and scale into this rapidly growing solar vertical.”

“Nomura is excited to have partnered with AES DE to support the build-out of a portfolio of solar distributed generation projects,” stated Vinod Mukani, Head of Infrastructure and Power Finance at Nomura Securities International, Inc. “As a coordinating lead arranger and active book-runner on the transaction, we were pleased to provide our intellectual and financial capital to support AES DE, a leader in the renewable energy space, and to further promote the growth of sustainable energy solutions.”