AES Solar Energy closes on €25 million non-recourse financing for three PV projects in Spain

AES Solar Energy Ltd (AES Solar), a joint venture between The AESCorporation and Riverstone Holdings LLC, announced that on October 31,2009 one of its subsidiaries closed three long-term non-recourse debtfacilities for three of its portfolio of photovoltaic projects in Spaintotaling approximately €25 million.

The loans were extended bythe Spanish branch of the European ethical and sustainable bank TriodosBank, N.V. The three photovoltaic installations located in Granada,Spain, have a total peak capacity of 4.8 MWp. First Solar thin filmpanels are utilized in all three projects.

“We are very pleasedto continue our success of developing sustainable sources of power inSpain – one of our core markets – despite the challenging creditmarkets. This transaction demonstrates our ability to raisenon-recourse debt for well-structured projects that have committedpeople on both sides of the deal. We hope that this deal forms thestart of a long term relationship between AES Solar and Triodos Bank,”said Robert Hemphill, CEO of AES Solar.

“Triodos Bank is aspecialized bank with strong experience in the renewable energy sector,above all in the Spanish solar PV sector. We consciously focus onhigh-quality plants in all our financing transactions in thephotovoltaic sector, and AES Solar Energy has fully convinced us of thequality of their operations,” stated Martín Guiñazú, Director ofBusiness and Charity Banking at Triodos Bank Spain. Triodos Bank wonthis year’s Financial Times Sustainable Bank of the Year Award.