Enerpac Secures Bridge Financing for 325 MW Solar and Hybrid Projects in Germany

From: Mercom India

The AES Corporation (AES), a U.S.-based utility and power generation company, has acquired ownership of the Bellefield solar-plus-storage project with a capacity of 2 GW in the United States.

Located in Kern County, California, the project comprises two phases, each of 500 MW of solar capacity and up to 500 MW of four-hour duration battery energy storage.

The first phase of the Bellefield project has secured a 15-year power purchase agreement (PPA) to deliver hourly, carbon-free energy to an existing AES corporate client. The company plans to contract an additional 1 GW of solar-plus-storage in the project’s second phase by the end of 2023.

Avantus, the developer behind both phases, expects phase one to go live in 2025 and phase two in 2026.

Andrés Gluski, AES President and Chief Executive Officer said the addition of Bellefield phase one expands AES’ signed PPA backlog to over 12 GW, representing an 80% growth from its current installed renewable generation fleet.

 AES has an installed renewable capacity of 15 GW and a backlog of 12 GW in projects with signed long-term contracts, including the Bellefield project’s first phase. It also has a robust global pipeline of 61 GW.

By acquiring Bellefield, AES will contribute to California’s goal of achieving 100% carbon-free energy by 2045.

Alberta Investment Management Corporation (AIMCo) holds a 25% ownership stake in AES’ clean energy business in the U.S., specifically focusing on the business’ growth projects.

Last December, U.S.-based industrial gases supplier Air Products and AES Corporation announced they would invest $4 billion in a green hydrogen production facility in Wilbarger County, Texas.

Earlier last year, AES and three other independent power producers formed a consortium to bolster the country’s rapid scaling of domestic solar manufacturing. They plan to spend over $6 billion on solar modules to support the expansion of the domestic supply chain.