The AES Corporation has announced its accomplishments in the renewable energy sector for the quarter ending June 30, 2024.
AES generated sales revenue of $596 million from renewable energy business, $896 million from Utilities, and $1.469 billion from Energy Infrastructure business. AES has reported total revenue of $2.942 billion in Q2 2024 vs $3.027 billion in Q2 2023.
Andres Gluski, AES President and CEO, highlighted the company ‘s continued leadership in providing renewable energy solutions to data centers, stating, “AES had another strong quarter, extending our leadership in supplying renewable energy solutions to data centers, and we are on track to meet all of our strategic and financial objectives.”
Key achievements include:
Agreements Signed: AES signed 2.2 GW of agreements with data center hyperscalers, bringing the backlog of signed Power Purchase Agreements (PPA) to 12.6 GW, expected to be completed by 2027.
Net Loss: The company reported a net loss of $39 million for Q2 2024, a $20 million increase from Q2 2023. This loss is attributed to sales-type leases at the Renewables Strategic Business Unit (SBU).
Adjusted EBITDA: Adjusted EBITDA for Q2 2024 was $652 million, up $83 million from Q2 2023, driven by higher contributions from the Utilities SBU, increased revenues from a PPA termination agreement at the Energy Infrastructure SBU, and new projects at the Renewables SBU.
Technology Customer Agreements: AES signed 8.1 GW of agreements directly with technology customers, including through transmission and distribution, renewables PPAs, and retail supply.
Recent Agreements: Since the first quarter earnings call in May 2024, AES signed 2.2 GW of agreements, including:
1.2 GW of new data center load at US utilities.
15-year PPAs for 727 MW of wind and solar to support data center growth in Texas.
A 310 MW retail supply agreement to support data centers throughout Ohio.
Additionally, the PPA backlog includes 5.1 GW under construction. Since May 2024, AES has:
Signed 1 GW of long-term PPAs for new renewables, including acquiring a 170 MW solar-plus-storage development project for AES Indiana ‘s rate base.
Completed or acquired 976 MW of wind, solar, and energy storage projects, aiming to add 3.6 GW to its operating portfolio by the end of 2024.
Looking ahead, AES projects its 2024 Adjusted EBITDA to range from $3,550 million to $3,950 million, primarily driven by new renewable projects.
Baburajan Kizhakedath