The AES Corporation and Riverstone Holdings LLC today announced that they have committed up to $1 billion as part of a new joint venture to develop a global platform of utility-scale solar photovoltaic (PV) 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 that will be connected to the power grids that supply homes and businesses.

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AES Corporation and Riverstone Holdings LLC

FIRMS

Riverstone Holdings LLC is a New York-based energy and power focused private equity firm founded in 2000. Riverstone conducts buyout and growth capital investments in the midstream, upstream, power, oilfield services, and renewable sectors of the energy industry. To date, the firm has committed more than $8 billion to 47 investments across these five sectors, representing companies with nearly $70 billion of assets.

AES (AES) is one of the world's largest global power companies, with 2007 revenues of $13.6 billion. With operations in 28 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. The company's 13 regulated utilities amass annual sales of over 78,000 GWh and our 121 generation facilities have the capacity to generate approximately 43,000 megawatts. AES's global workforce of 28,000 people is committed to operational excellence and meeting the world's growing power needs.

PEOPLE

Paul Hanrahan, AES President and Chief Executive Officer

Ralph Alexander, a Managing Director of Riverstone Holdings

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