The AES Corporation and Riverstone Holdings LLC have committed up to $1 billion as part of a new joint venture to develop a global platform of utility-scale solar photovoltaic projects.
Under terms of the agreement, AES, one of the world's largest global power companies, and Riverstone, a New York-based energy and power-focused private equity firm, will each provide up to $500 million of capital over five years to invest in PV solar projects around the world.
The jointly owned entity, to be called AES Solar, will seek to become a leading global developer, owner and operator of utility-scale solar installations, the companies say. The business will initially focus on developments and projects in countries offering the most attractive tariffs.
