AES' JV with Koc Holding in Turkey, AES Entek, enters agreement to develop 625 MW greenfield coal project in Southeast Turkey; project to be completed in H2 2016, with construction to begin in late 2012

Tracy McDonald

ARLINGTON, Virginia , December 20, 2011 (press release) – The AES Corporation (NYSE: AES) announced today that its 50/50 Joint Venture with Koç Holding in Turkey, AES Entek, has entered into an agreement to develop Ayas, a 625 MW greenfield coal project to be developed in South East Turkey. The project is a 50/50 joint venture between AES Entek and Oyak, Turkey’s largest pension fund, and is expected to be completed in the second half of 2016 with construction set to begin in late 2012.

“Since AES entered the country in 2007, we have been evaluating additional investment opportunities in Turkey’s rapidly growing power sector,” said Andrés Gluski, AES President and Chief Executive Officer. “The Ayas plant complements our existing footprint in hydro and gas and strengthens our strategic relationships in country.”

Turkey is one of the world’s fastest growing economies with its annual Gross Domestic Product projected to more than five percent, according to Eurostat. The country’s installed capacity of 52 GW of coal, geothermal, hydroelectric, natural gas and wind facilities is expected to increase by as much as 30 percent by 2016.

“The Ayas plant will help diversify our generation portfolio in Turkey as we look forward to completing the development, securing financing and starting construction in 2012,” said Ned Hall, Executive Vice President and Chief Operating Officer for Generation.

The AES Corporation currently operates three gas plants in Turkey with a total capacity of 302 MW along with 62 MW of small hydro facilities.

About AES

The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 27 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 28,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2010 revenues were $16 billion and we own and manage $41 billion in total assets.

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