AES Distributed Energy Secures $341 Million of Debt Financing from Silicon Valley Bank, KeyBank N.A. and Nomura

AES Distributed Energy (AES DE), a subsidiary of The AES Corporation (AES) and a leader in energy generation through solar PV and solar PV + battery energy storage systems (BESS), today announced that it has entered into a $341 million debt agreement which provides new capital to AES DE to be used for permanent debt financing for a portfolio of distributed generation projects throughout the Northeast. The financing is the largest domestic debt facility raised for a portfolio of community and distributed solar and represents the third large umbrella facility AES DE has completed since 2017. Silicon Valley Bank (SVB), KeyBank N.A. and Nomura acted as coordinating lead arrangers.

 “This transaction will fortify AES DE as a dominant market participant in the fast-growing community solar sector spreading throughout the Northeast,” said Brian Cassutt, AES DE Chief Financial Officer. “AES DE’s balanced approach to development has been validated through this market-leading transaction. SVB, KeyBank N.A. and Nomura provided excellent service throughout the process and their market knowledge greatly contributed to the transaction’s success.”

AES DE brings reliable and cost-effective renewable energy systems to utilities, municipalities, schools, corporations and commercial and industrial clients in the United States. AES DE’s proven project development, financing and operating experience empowers energy consumers to benefit from the distributed energy solutions we deliver. AES DE is a strong and reliable counterparty and is well-positioned and experienced to execute any solar PV or solar PV + BESS projects we pursue.

“We are delighted to continue to support AES DE in deploying distributed energy solutions,” said Bret Turner, Market Manager of Project Finance at Silicon Valley Bank. “As administrative agent, we worked collaboratively to structure unique financing to help AES DE expand and scale into this rapidly growing solar vertical.”

KeyBanc Capital Markets (KBCM) is also pleased to serve as a coordinating lead arranger on the financing to provide continued support of AES DE’s renewable energy projects,” said Andrew Redinger, Manager Director & Group Head, Utilities Power & Renewables at KeyBanc Capital Markets. “This financing represents the sixth transaction between KBCM and AES DE.”

“Nomura is excited to have partnered with AES DE to support the build-out of a portfolio of solar distributed generation projects,” stated Vinod Mukani, Head of Infrastructure and Power Finance at Nomura Securities International, Inc. “As a coordinating lead arranger and active bookrunner on the transaction, we were pleased to provide our intellectual and financial capital to support AES DE, a leader in the renewable energy space, and to further promote the growth of sustainable energy solutions.”

About AES Distributed Energy

AES Distributed Energy (AES DE) is a wholly owned subsidiary of The AES Corporation, a Fortune 500 and publicly traded international energy company. Our daily mission at AES DE is to bring reliable and cost-effective distributed energy systems to utilities, municipalities, corporations, schools, and commercial and industrial customers. AES DE’s proven project development, financing, and operating experience empowers energy consumers to benefit from the distributed energy solutions we deliver. www.aesdistributedenergy.com.

About Silicon Valley Bank

For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. As a long-time backer of the cleantech and energy ecosystem, SVB has a quickly growing project finance business dedicated to renewable energy projects. Learn more at svb.com.

About Nomura

Nomura is an Asia-headquartered financial services group with an integrated global network spanning over 30 countries. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Retail, Asset Management, Wholesale (Global Markets and Investment Banking), and Merchant Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

About KeyCorp

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $145.0 billion at December 31, 2019. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit www.key.com. KeyBank is Member FDIC.

For more information, please contact Gail Chalef, AES Senior Manager for Press and Media Relations at either (703) 682-6428, office, or at gail.chalef@aes.com.

Contacts

Gail Chalef, Sr. Manager, Global Press and Media Relations
(703) 682-6428, office • (571) 833-8804, cell
gail.chalef@aes.com