AES Completes First Phase of Largest Solar-Plus-Storage Project in the United States

Rhea-AI Summary

AES Corporation has completed the first phase of the Bellefield project, set to become the largest solar-plus-storage facility in the United States. Phase 1 delivers 500 MW of solar and 500 MW of four-hour battery storage under a 15-year contract with Amazon. The full 2,000 MW project, located in Kern County, California, will power the equivalent of 467,000 homes and reduce CO2 emissions by over 1 million metric tons annually. AES utilized AI-enabled robotic system Maximo for construction, creating 700 union jobs in Phase 1. The company has 10.1 GW of contractual arrangements with global hyperscalers. Phase 1 earnings will be recognized in H2 2025, with Phase 2 completion expected in 2026.

Positive

• Completion of Phase 1 (1,000 MW) of the largest US solar-plus-storage project on schedule
• Secured 15-year contract with major customer Amazon
• Project will generate significant earnings starting H2 2025
• Created 700 union jobs in Phase 1 with 1,000 more expected in Phase 2
• Strong 10.1 GW contractual portfolio with major global hyperscalers
• Implementation of AI-enabled robotics improving construction efficiency

Negative

• Significant capital investment required for 2,000 MW total capacity
• Heavy reliance on single customer (Amazon) for project success

Insights

Renewable Energy Infrastructure Analyst

AES's completion of Bellefield 1 demonstrates execution excellence, secures long-term revenue, and strengthens its position in the high-growth data center power market.

The completion of the first phase of AES's Bellefield project marks a significant milestone in the U.S. renewable energy landscape. At 1,000 MW (500 MW solar paired with 500 MW/2,000 MWh of battery storage), just the first phase alone represents one of the largest solar-plus-storage installations in the country. The 15-year contract with Amazon provides exceptional revenue visibility and demonstrates AES's growing foothold in the critical hyperscaler market.

This project highlights three key competitive advantages for AES: First, their ability to execute complex, large-scale projects on schedule - a rare capability in the current supply-chain constrained environment; second, their technological innovation through the deployment of Maximo, their proprietary AI-enabled robotic system; and third, their strategic positioning as a preferred renewable energy provider to data center operators.

The company's 10.1 GW of contractual arrangements with hyperscalers represents a substantial secured revenue stream. With data center electricity demand projected to grow exponentially due to AI computing requirements, AES is exceptionally well-positioned in what is likely to be the fastest-growing segment of the power market.

Most importantly, management's confirmation that "significant earnings" from Bellefield 1 will be recognized in H2 2025 suggests immediate financial impact. While the exact revenue contribution remains unquantified, projects of this scale typically generate high-margin, long-term contracted cash flows that significantly enhance enterprise value.

Bellefield Project Highlights AES' Track Record of Working with Corporate Customers

ARLINGTON, Va., June 11, 2025 /PRNewswire/ -- The AES Corporation (NYSE: AES) today announced that it has completed construction of the 1,000 MW Bellefield 1 project, under a 15-year contract with Amazon. Bellefield is a two-phase project, with each phase including 500 MW of solar and 500 MW of four-hour battery-based energy storage, for a total of 2,000 MW of installed capacity. Once completed, the 2,000 MW Bellefield project is expected to be the largest solar-plus-storage facility in the United States. 

"Completing the first 1,000 MW of Bellefield demonstrates how rapidly solar and storage can be deployed to meet the growing energy demand of data centers," said Andrés Gluski, AES President and Chief Executive Officer.  "Our best-in-class track record of delivering renewables projects on time and on budget is deeply valued by our customers and is one of our key competitive advantages."

AES has been consistently recognized by Bloomberg New Energy Finance (BNEF) as a top provider of clean energy to corporations, including technology companies. AES has contractual arrangements with major global hyperscalers for 10.1 GW, including the 2 GW Bellefield project.

To accelerate Bellefield's implementation and ensure system reliability, AES utilized Maximo, an AI-enabled robotic system developed by AES to assist construction crews, improving the safety, speed, and accuracy of solar module installation.

The 2 GW Bellefield project, located in Kern County, California, will generate equivalent to the annual electricity usage of 467,000 homes, displacing over 1 million metric tons of CO₂ annually, and improving air quality. More than 700 union jobs were created during the construction of Bellefield 1 and approximately 1,000 union jobs are expected to be created at the peak of construction of Bellefield 2, further supporting local businesses.

The Company expects to recognize the significant earnings associated with placing Bellefield 1 in service in the second half of this year, as planned.  Construction on Bellefield 2 is on track to be completed in 2026.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy.  Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs.  Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today.  For more information, visit www.aes.com.

Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels, and rates of return consistent with prior experience.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in AES' 2024 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law.

Any Stockholder who desires a copy of the Company's 2024 Annual Report on Form 10-K filed March 11, 2025 with the SEC may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Annual Report on Form 10-K may be obtained by visiting the Company's website at www.aes.com.

Website Disclosure

AES uses its website, including its quarterly updates, as channels of distribution of Company information.  The information AES posts through these channels may be deemed material.  Accordingly, investors should monitor our website, in addition to following AES' press releases, quarterly SEC filings and public conference calls and webcasts.  In addition, you may automatically receive e-mail alerts and other information about AES when you enroll your e-mail address by visiting the "Subscribe to Alerts" page of AES' Investors website. The contents of AES' website, including its quarterly updates, are not, however, incorporated by reference into this release.

Press Release

Investor Contact: Susan Harcourt 703-682-1204, susan.harcourt@aes.com 

Media Contact: Katie Lau 571-286-9362, katie.lau@aes.com

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SOURCE The AES Corporation

FAQ

What is the total capacity of AES Bellefield solar-plus-storage project?

The total capacity will be 2,000 MW, with two phases of 500 MW solar plus 500 MW battery storage each, making it the largest solar-plus-storage facility in the US.

When will AES complete the Bellefield 2 project?

AES expects to complete Bellefield 2 construction in 2026.

How many homes will the AES Bellefield project power?

The 2 GW Bellefield project will generate electricity equivalent to the annual usage of 467,000 homes.

What is the environmental impact of AES Bellefield project?

The project will displace over 1 million metric tons of CO2 annually and improve air quality in the region.

How many jobs has the AES Bellefield project created?

Phase 1 created 700 union jobs, and Phase 2 is expected to create approximately 1,000 union jobs at peak construction.

Who is the main customer for AES Bellefield project?

Amazon is the main customer, with a 15-year contract for the project.