Aes Corp Stock Price, News & Analysis

AES (NYSE: AES) reported strong Q2 2024 financial results, highlighting record sales with data center hyperscalers. Key achievements include:

1. Signing 2.5 GW of new agreements, with 2.2 GW directly with data center customers.
2. Increasing the backlog of signed long-term PPAs to 12.6 GW.
3. Completing 1.6 GW of construction or acquisition year-to-date, on track for 3.6 GW in 2024.

Financial highlights:
- Adjusted EPS of $0.38, up from $0.21 in Q2 2023
- Adjusted EBITDA with Tax Attributes of $843 million, up from $607 million in Q2 2023

AES now expects to achieve the upper half of its 2024 Adjusted EPS guidance range of $1.87 to $1.97 and reaffirms its 7% to 9% annualized growth target through 2027.

AES has introduced Maximo, an AI-powered robot designed to revolutionize solar panel installation. This groundbreaking technology can install panels in half the time and at half the cost of traditional methods, working alongside human crews to meet the rapidly growing demand for renewable energy. Maximo has already installed nearly 10 MW of solar and is projected to install 100 MW by 2025.

AES plans to utilize Maximo in constructing up to 5 GW of its solar backlog over the next three years, including the 2 GW Bellefield project in California. The robot's AI-powered features include computer vision for precise panel placement, continuous learning for efficiency improvements, and image reconstruction to overcome challenging lighting conditions.

The AES (NYSE: AES) announced a quarterly dividend of $0.1725 per share. This dividend is payable on August 15, 2024, to shareholders of record as of August 1, 2024. Investors can find additional information regarding the dividends, including tax treatment, on the AES website under 'Investors' and 'Dividend History.'

The AES (NYSE: AES) will hold a conference call to discuss its Q2 2024 financial results on August 2, 2024, at 10:00 a.m. ET. The call will feature prepared remarks and a Q&A session. Media and the public can listen in a listen-only mode via telephone or webcast. To join, dial 1-833-470-1428, with international callers dialing +1-404-975-4839, and use the Participant Access Code 863773. The webcast and presentation materials will be available on the AES website under 'Investors' and then 'Presentations and Webcasts.' A replay will be accessible post-call on www.aes.com.

The AES (NYSE: AES) has announced a strategic partnership with AI Fund, aimed at advancing the energy transition through artificial intelligence. This collaboration will focus on co-developing AI-driven energy solutions to enhance efficiency and productivity.

AI Fund, founded by AI expert Andrew Ng, offers market validation, technical expertise, and business support to rapidly build and scale startups. The partnership will leverage AES's industry knowledge and AI Fund's resources to address the increasing global electricity demand and the challenges of load-consuming assets.

Initial focus areas include AI applications in renewables and battery management, worksite safety improvements, and enhancing community impact. AES has a history of innovation, including the development of the global energy storage company Fluence. This partnership highlights AES's commitment to leading the energy transition with AI-powered innovations.

The AES (NYSE: AES) announced the pricing of $950 million in 7.600% fixed-to-fixed rate reset junior subordinated green notes due 2055. The closing of this offering is anticipated on May 21, 2024. AES plans to allocate the net proceeds to eligible green projects, with interim use for general corporate purposes. The offering is managed by Citigroup Global Markets, Goldman Sachs, Mizuho Securities, Morgan Stanley, and SMBC Nikko Securities.

The AES (NYSE: AES) announced plans to offer fixed-to-fixed rate reset junior subordinated green notes in a registered public offering. AES aims to allocate the net proceeds to eligible green projects, with interim use for general corporate purposes.

The offering will be managed by Citigroup Global Markets, Goldman Sachs, Mizuho Securities USA, Morgan Stanley, and SMBC Nikko Securities America. The effective shelf registration statement for the notes has already been filed with the SEC.

This announcement does not constitute an offer or solicitation to sell or buy securities. For more information, refer to the prospectus and prospectus supplement dated May 16, 2024.

The AES (NYSE: AES) has agreed to sell its 47.3% equity interest in AES Brasil to Auren Energia for approximately $640 million. This sale is part of a merger between AES Brasil and Auren Energia, valuing AES Brasil shares at about 11.55 Brazilian Real per share before adjustments. The deal is expected to close in 4 to 6 months, pending customary approvals and a late-stage construction project completion.

Proceeds from the sale will support AES' growth in renewables and U.S. utilities. This transaction aligns with AES' strategy to simplify its portfolio and strengthen its balance sheet. AES aims to reinvest in supplying renewable energy to corporate customers in the U.S. and expanding its utilities. With this sale, AES has achieved over half of its $3.5 billion asset sale proceeds target set for 2027.

The AES (AES) reported strong first-quarter results and reaffirmed its 2024 guidance and long-term growth rates. The company signed significant contracts for renewables, completed several strategic accomplishments, and saw financial highlights, including an increase in diluted EPS and net income. AES's financial position and outlook remain positive, with reaffirmed guidance for adjusted EPS and EBITDA until 2027.