Through the creation of an alternative energy business group, AES said it intends to expand its existing alternative energy businesses in wind power generation, biomass and the development of liquefied natural gas (LNG) terminals and announced the following new initiatives:
AES will invest in the commercial development of projects and technologies that directly reduce greenhouse gas emissions or create emission offsets under the Clean Development Mechanism (CDM) of the Kyoto Protocol. AES said that, since October 2005, it has already committed to approximately $100 million in investments which will generate over 17 million tonnes of carbon reduction credits through 2012.
AES said it plans to triple its investment in its wind generation business over the next three years.
AES has entered strategic partnerships with Los Alamos National Laboratory and XL TechGroup, to identify, evaluate and bring to market new technologies in the alternative energy area. AES’s partnerships with Los Alamos and XL Tech Group – an architect and builder of high value new businesses, primarily in the ecotech, biotech and medtech fields – give AES the opportunity to develop and commercialize proprietary energy_related technologies developed by these entities.
AES said it is evaluating future investments in other sources of alternative energy such as solar power and wave technologies. The company said it is also evaluating future investments in non_electric business lines such as ethanol, bio diesel, methane capture and conversion projects, synthetic fuels and new technologies to reduce greenhouse gas emissions.
The company entered the wind generation business in 2004 and has invested approximately $265 million to date. Itcurrently operates 600 MW of wind facilities and is pursuing another 2,000 MW of wind projects in development, primarily in the United States.
