Solar

AES buys solar + storage project in California

AES buys solar + storage project in California
(Credit: AES)

AES Corp. said it acquired from Avantus (formerly 8minute) the 2 GW Bellefield project, which is currently in late-stage development and is one of the largest permitted solar-plus-storage projects in the United States.  

The project is located in Kern County, California, and includes two phases, each with 500 MW of solar and up to 500 MW of four-hour duration battery energy storage.  

Phase one has a 15-year Power Purchase Agreement (PPA) to deliver hourly energy to an existing AES corporate customer. AES said it expects to contract up to an additional 1 GW of solar-plus-storage in phase two of the project by the end of 2023. 

The two phases were developed by the seller, Avantus, and are expected to come online in 2025 and 2026, respectively.

Additional terms were not disclosed.

Alberta Investment Management Corporation is an investor in AES’ clean energy business in the U.S. with 25% ownership of the business’ growth projects. Onpeak Capital LLC served as the financial advisor and Foley & Lardner LLP served as legal counsel for Avantus.

AES has been shifting from its portfolio of coal-fired plants to renewable energy projects. It plans to exit its coal portfolio by the end of 2025. It said it also expects to triple its renewable energy capacity by adding 25 to 30 GW of solar, wind and energy storage.

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